Colony Title Group, Ltd.

Maryland Real Estate Title Insurance : MD : DC : VA

Questions to Ask When You’re Considering Title Insurance

Buying a new home is a huge step – and one that is a lengthy process in and of itself. One of the last few pieces to the puzzle that is buying a home is working with a title insurance company to make sure that your new home is exactly that: your new home. Title insurance involves a thorough search through property records to ensure that you are free and clear to buy your new property without an error or mistake buried somewhere in the deed, title, and miscellaneous paperwork. Additionally, title companies issue an insurance policy that will cover expenses in the event that someone challenges your title, and will compensate you for your equity should you lose the challenge.

To help you decide whether title insurance is right for you, we’ve put together some questions to think about.

What coverage do I need? Typically, owner’s policies protect one from various scenarios such as fraud, forgery, undisclosed heirs, and spousal claims. However, if you want additional coverage, that can bump up the price.

Who pays for title insurance? Title insurance usually includes an owner’s policy and a lender’s policy, however the person responsible for purchasing the policies can vary from state to state. One thing to keep in mind is that this can be negotiated as part of the sale, whether it is the full sum of the policy or a part of the overall cost. Another thing to keep in mind is if you purchase the owner’s policy and the lender’s policy from the same company, you might qualify for a substantial discount.

How do I decide who to use? Most realtors, lenders, and even sellers have their own preferred title companies. In this case, your best bet is to go with the lender, as their interests will best align with yours, as they are guaranteeing you money based on the assurance that the property you purchase will be yours and yours only. If a seller is pushy about a title insurance company, consider that their company may not find any new or previously undisclosed issues.

Title insurance is meant to make buying a new home an easy process, one that guarantees you do not have to worry about legal ownership at any point in the process. If you have any questions about title insurance, please give us a call at 410-884-1160 or visit our website at ColonyTitle.com.

title insurance facts

 

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings in Washington DC and the Delmarva area every year. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the Baltimore area.

Sources

http://www.bankrate.com/finance/mortgages/6-questions-to-ask-about-title-insurance-1.aspx

http://www.homeclosing101.org/whyneed.cfm

How to Use a Quit Claim Deed to Transfer Your Home’s Title

Quit claim deeds are a type of deed commonly used to transfer the title of a home in situations where there is no financial transaction. This is not the type of deed a seller would use to transfer the home to a seller (which would be a warranty deed). Quit claim deeds are frequently used to transfer ownership of property among family members. Learn more about quit claim deeds and the situations in which they can apply in this week’s blog.

Quit Claim Deeds

A quit claim deed transfers ownership of a property between parties. This type of deed doesn’t provide the new owner with a guarantee that the seller owns the property, therefore it also doesn’t guarantee that they have the authority to sell the property. It does not guarantee that the buyer will receive the property free of mortgages. A warranty deed, on the other hand, does provide the buyer with these guarantees and warranties.

If a quit claim deed doesn’t provide the buyer with these guarantees, why would it be used? The answer is that it offers a simple solution for parties who already have an established relationship to transfer ownership of property. Quit claim deeds are used in situations where there is already a high degree of trust among the parties involved. Here are a few examples.

  • A single homeowner gets married and wants to add his or her spouse to the home’s title. He or she could use a quit claim deed to easily do so.
  • A couple is divorcing and one spouse is going to retain ownership of the house. The other spouse could easily cede their ownership with a quit claim deed.
  • A family member wishes to convey ownership of their property to another family member.
  • The owner of a trust wishes to convey ownership of property to the trust.

Quit claim deeds are also a simple and effective way to correct mistakes or clarify unclear information from previous deeds. For example, a husband and wife may not have specified the tenancy when they purchased the house, in which case most states assume tenancy in common. The spouses may later realize that they prefer to hold as joint tenants with right of survivorship. A quit claim deed would allow them to make this change.

quit claim deed

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings in Washington DC and the Delmarva area every year. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the Baltimore area. If you have any questions concerning issues that Baltimore title insurance protects you from, feel free to contact us at 410 884-1160 or visit ColonyTitle.com today!

Five Reasons You Need Title Insurance in St. Mary’s County

Have you recently decided to buy a home in St. Mary’s County? Congratulations! Owning a home is a very rewarding experience, not to mention a great investment in your future. And in order to protect this investment, the best thing you can do is get title insurance for your new home. Learn more in our blog about how title insurance works and why you should consider getting title insurance in St. Mary’s County.

Five Reasons You Need Title Insurance in St. Mary’s County

Title Search

When you purchase title insurance, the title company will conduct a title search. This is essentially a comprehensive search of the local records to determine if there are any problems with the home’s title. For example, a lien may have been placed on the property many years ago due to a previous owners’ unpaid taxes. If the title were passed on to you, you would assume the responsibility for this. The title search helps you discover problems before they become your responsibility.

Protection Against Unforeseeable Issues

Some problems with a home’s title can’t be discovered, no matter how much searching you do. These include things like forgery, fraud, or even just an unintentional filing error. All of these things can open up your title to a legitimate third party claim. In the event that a third party were to make a claim on your title, title insurance would protect you. The title company handles the litigation, which saves you a lot in legal fees, and could even be the difference in you keeping your home.

An Investment in Your Future

A home is an investment you make for the long term. The last thing you want is for this to be put in jeopardy because someone makes a legitimate claim on your title and you don’t have insurance. Title insurance in St. Mary’s County is the best way to protect your new home.

Peace of Mind

With title insurance, you don’t have to worry about coming up with legal fees or losing your home if someone makes a claim on your title. Title insurance is a one time fee paid at closing, after which you don’t have to worry about it. And really, there’s no price you can put on the peace of mind that comes with knowing your home is protected from title claims.

title insurance St. Mary's County

Title insurance could be the difference that saves you your home. To learn more about title insurance in St. Mary’s County, contact Colony Title Associates today at 410-884-1160, or visit ColonyTitle.com today!

Tenancy: How to Co-Own Property

There are numerous ways of owning property, and that includes co-owning property. If more than one individual owns a property, regardless of the property type, the relationship between the owners is called a “tenancy.” As in any relationship dynamic, there are numerous ways that tenancy can be structured, especially because with a tenancy, there are more factors to take into consideration.

There are three forms of tenancy that tend to take the lead: tenancy in common, joint tenancy, and tenancy by the entirety. Each has its own advantages and disadvantages, but all must be properly drafted in the deed or conveyance. Otherwise, the deed will default to whatever state standards dictate, which may lead to undesirable results and restrictions.

Tenancy in common: this is perhaps the most flexible option of the three, as an owner can transfer the property as desired. Each co-tenant of a tenancy in common can transfer their interest in a property during life or through a last will and testament, and there can be differing levels of ownership interest as there is no need for equal ownership in a tenancy in common. This means any one tenant can transfer ownership at will to an outside party, who will then take over and become a common tenant with the other existing owners.

Joint tenants: All owners have an equal share in the property – so if there are three owners, each owner would own one-third interest in the property. If one owner passes away, the property immediately turns over to the other owners – the property cannot be passed down or handed off. Some people favor joint tenancy because it avoids any legal probation after an owner’s death.

However, both joint tenancy and tenancy in common can be used to repay a debt, which means the creditors can have the property interests divided and sold, regardless of the other owners’ wishes. Tenancy by the entirety is a third option that avoids the issue of creditors and debt, but is only available to married or civilly united couples. Should one member of a union pass away, the property immediately transfers to the other member. The property also cannot be used to repay a debt unless both members of the union consent.

Tenancy comes in many forms, and if it is unclear as to the form of tenancy a property is owned by, states will often assume the tenancy to be a tenancy in common. To learn more about tenancy and find the solution that best meets your need, contact Colony Title Associates today at 410-884-1160 or visit ColonyTitle.com.

co-own property

Source

http://www.elderlawanswers.com/understanding-tenancy-the-different-ways-to-co-own-property–5842

Get Peace of Mind with Title Insurance in Calvert County

Are you thinking about getting title insurance in Calvert County? If you’re buying a new home, you want to protect it as best you can. You might be investing in insurance for physical damage like flooding or fire. Title insurance protects you from damage that isn’t physical, but is just as dangerous. If someone makes a legitimate claim on your home’s title, you could end up losing your home if you’re not prepared. Learn how title insurance prepares you for whatever comes your way, and why it’s a smart investment for your new home in this week’s blog.

Title Insurance in Calvert County

Protection from Discoverable Title Problems

How much do you know about your home’s title? The title may have a lot more history to it than you think. Properties that have been around for a long time have probably changed hands many times, which means there is higher chance that there is a problem with the title. Here’s an example of a problem with a home’s title.

Let’s say a former homeowner owed money to a creditor and didn’t pay. The creditor may have had a lien placed on the home’s title, forcing the owner to pay. If the owner died without paying the debt, the lien would have remained on the property. If you purchased the property without knowing this, you would assume responsibility for the lien.

When you purchase title insurance in Calvert County, your title company will conduct a title search before you buy the home. The purpose of this is to find any problems with the home’s title by conducting an extensive examination of local land records. This way, you won’t get stuck with old liens, back taxes, or other problems.

Protection from Undiscoverable Title Problems

Some problems with your home’s title can’t be found, no matter how extensive the title search is. These include problems that are related to fraud, forgery, or filing errors. And while it may have been just a mistake, a simple mistake could create the possibility that someone else has a legitimate claim on your home’s title.

If you didn’t have title insurance, you’d have to fight this in court yourself, an expensive process which, in the worst case scenario, could lead to you losing your home. But when you have title insurance in Calvert County, you’re protected from these kinds of problems with your home’s title. And that peace of mind is well worth it for any homeowner.

title insurance Calvert County

Title insurance could be the difference that saves you your home. To learn more, contact Colony Title Associates today at 410-884-1160, or visit ColonyTitle.com today!

Why Should I Get Title Insurance in Charles County?

Are you buying a new home and wondering if you should get title insurance in Charles County? Is this a good investment in your home? We believe it is a great investment. In fact, it’s one that could end up saving you your home. This one-time fee you pay when you close on your home is well worth it in the long run. Learn more in our blog!

title insurance Charles County

Why Should I Get Title Insurance in Charles County?

Do you know the history of the home’s title?

The title to the home you’re buying has likely been passed through many hands over the course of its existence. And in the process, it may have picked up a lien against a former owner as a result of unpaid taxes or mortgage payments. If you’re unaware that there are any outstanding liens or other encumbrances on a home’s title, these become your responsibility when you purchase the home. So how does title insurance help you avoid this?

The Title Search

When you purchase title insurance in Charles County, the title insurance company does a thorough investigation of all local records pertinent to the title. This is done in order to discover encumbrances on the home’s title. Even if you thought the title was clean, there may be an encumbrances buried in local records that is still applicable. The title search helps you avoid picking up any encumbrances once you purchase the home.

Protection of Your Homeownership

Ok, so if the title search finds problems with the title, why do I need title insurance in Charles County? The answer is that not every problem can be found via the title search. Some problems like forgery or fraudulent records are not discoverable by a title search, and can only be brought to light when someone makes a claim on your home’s title. When this happens, you’ll be in much better shape if you have title insurance.

This is because when you have title insurance in Charles County, any claims on the home’s title are handled by your title insurance company. The title insurance company will litigate for you, navigate the complex sphere of real estate law, and saving you a significant amount of time and money in the process. Title insurance could be the difference that saves you your home. To learn more, contact Colony Title Associates today at 410-884-1160, or visit ColonyTitle.com today!

Title Insurance in Harford County: A Good Investment

If you’re buying a new home, it’s a great idea to consider title insurance in Harford County. Title insurance is a one-time fee you pay when you close on your home that protects you from claims on your home’s title. You also get the benefit of an extensive title search that can find problems with your home’s title before you take ownership of the property. This way, these problems don’t become your responsibility. Learn more about the benefits of title insurance in our blog.

title insurance Harford County

Title Insurance in Harford County: What are the Benefits?

The Title Search

The title search is a thorough search of all local records relevant to the title of the property that you are intending to buy. The title search looks for problems that can show up in records that could negatively affect the title in some way.

For example, say a previous owner owed back taxes, and a lien was placed on the home’s title. If this lien was not paid by the previous owner, it is still associated with the home’s title. The next buyer could inherit the burden of this lien if he or she does not know it’s there. But with a title search, you can become aware of these problems and refer them to the correct party before they become your responsibility as the owner of the property.

Protection from Title Claims

The other big thing title insurance in Harford County protects you from are title claims. Title claims are a claim on your home’s title by a third party, who is claiming that they have a legitimate interest in the property. This can occur as a result of problems with the title that cannot be uncovered by the title search, such as filing errors or fraud.

What this means is that a filing error or fraudulent filing that could have occurred many years ago with regards to your home’s title can create a situation where another party can actually claim a legitimate interest in your home’s title. You need to protect yourself from this situation. This is where title insurance comes in.

When you have title insurance in Harford County, any claims on the home’s title are handled by your title insurance company. The title insurance company will litigate for you, navigate the complex sphere of real estate law, and saving you a significant amount of time and money in the process. Title insurance could be the difference that saves you your home. To learn more, contact Colony Title Associates today at 410-884-1160, or visit ColonyTitle.com today!

Title Insurance in Baltimore County from Colony Title

Are you buying a new home in Baltimore County? You should consider getting title insurance as well. Title insurance is the best way to protect your home from title claims. This week, we’ll talk about what a title claim is, how it could threaten your ownership of your home, and how title insurance protects you from title claims.

Title Insurance in Baltimore County

What is a title claim?

When you buy your home, you’re given the deed to the property. This is yours until you sell your home. However, if someone makes a title claim on your home, they’re saying that they are rightfully entitled to the deed which you thought was yours.

How does this happen?

There are several ways this can happen. One is fraud. A fraudulent act with regard to the title, even if it dates back 50 or 100 years or more, can make the title vulnerable, and allow a third party to make a claim. Filing errors are another occurrence that can set up the potential for a legitimate claim to be made on a home’s title by a third party.

Doesn’t the title search look for problems with the title?

The title search does look for problems with the title, and it can find a lot with careful analysis of records. However, things like fraud, which is a deliberate act to obscure title information, cannot be discovered during the title search. This is why you need title insurance in Baltimore County.

Why do you need title insurance in Baltimore County?

The purpose of title insurance is to protect you from these unforeseeable claims on your home’s title. If someone were to make a claim on your home’s title and you did not have title insurance, you’d have a big and expensive legal battle on your hands, one that in the worst case scenario could end with you losing your home. If you have title insurance in Baltimore County, your insurer will take care of the legal issues for you, and your home will be protected.

title insurance Baltimore County

To learn more about title insurance in Baltimore County, talk to Colony Title Associates today.

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings in Washington DC and the Delmarva area every year. The founder Tee Tillman has more than 23 years of experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the Baltimore area. If you have any questions concerning issues that Baltimore title insurance protects you from, feel free to contact us at 410 884-1160 or visit ColonyTitle.com today!

Why You Should Get Title Insurance in Carroll County

A smart homebuyer knows that their home is an investment in their family’s future, which means that it’s important to protect this investment in any way possible. Getting title insurance in Carroll County is one of the best ways to do this.

Everyone has home insurance to protect their home from damage, but home insurance doesn’t protect your home from claims on the title. A claim on your home’s title could cost you thousands of dollars and a protracted legal situation. Not to mention that the worst case scenario could be that you lose your home. Title insurance protects you from this, which is why it’s so important to consider title insurance for your new home in Carroll County.

What is a Title Claim?

A title claim is when a third party says that they have rightful ownership of your home because they have a legitimate interest in the home’s title. There are a number of reasons this can happen. Errors in filing made long ago can create loopholes that allow for a third party to make a legitimate claim. Fraud is another method by which title claims can be made. These are just a few examples; there are other ways a legitimate claim can be made on your home’s title.

How Does Title Insurance in Carroll County Protect You from Claims?

If someone makes a claim on your home’s title and you have title insurance in Carroll County, your title insurance company will handle the litigation process and legal costs. A settlement can be reached with the third party to allow you to keep your home. Without title insurance, you run a much higher risk of losing your home.

Title Search Protection

Title insurance in Carroll County also protects you before you even buy your home. When you choose to purchase title insurance, your title company conducts a title search, which is a search of local records that can uncover many potential problems with your home’s title. Unpaid taxes or liens may still be associated with the title, for example. If you were to buy the home without knowing this, these would become your responsibility, and you could be held liable for them. The title search prevents this from happening.

To learn more about why you should get title insurance in Carroll County, contact Colony Title today.

title insurance Carroll County

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings in Washington DC and the Delmarva area every year. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the Baltimore area. If you have any questions concerning issues that Baltimore title insurance protects you from, feel free to contact us at 410 884-1160 or visit ColonyTitle.com today!

 

The Benefits of Title Insurance in Prince George’s County

Buying a home in Prince George’s County is an exciting process, especially for a first time homeowner. And one of the best ways to protect the huge investment you’re making in your home is with title insurance. Title insurance helps you protect your home from claims against the title, which could make the difference between you keeping your home and losing your home. Learn about the benefits of title insurance in Prince George’s County in this week’s blog.

The Benefits of Title Insurance in Prince George’s County

A Title Search

When you buy title insurance in Prince George’s County the title company conducts a title search, which means they go through all the records relevant to your home’s title. This is to see if there are any unpaid liens, mortgages, loans, or other problems that are still outstanding on the home’s title. If any of these are found, they can be taken care of before ownership of the home is transferred to you. If you were to buy your home without conducting a title search, you would become responsible for any unpaid taxes, etc., which you definitely don’t want. The title search helps take care of these problems to make sure they don’t become yours.

Protection Against the Unseen

A title search can find a lot, but it can’t uncover every potential problem with a home’s title. This is because of mistakes which may have been made in filing records many years ago. It could also be because a previous owner made a forgery or fraudulent change to a record in the past. It’s not impossible that this could have happened to your home’s title, which makes it especially important to protect yourself with title insurance in Prince George’s County.

It Protects You Against Title Claims

The last thing you want it for someone with a legitimate claim to your home’s title to come forward. This can happen however, and usually does because of one of those unseen errors we just talked about. If it does, title insurance in Prince George’s County can be the difference between keeping and losing your home. Protect yourself against every possible situation and get peace of mind with title insurance. Talk to Colony Title Associates today to learn more.

title insurance Prince George's County

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings in Washington DC and the Delmarva area every year. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the Baltimore area. If you have any questions concerning issues that Baltimore title insurance protects you from, feel free to contact us at 410 884-1160 or visit ColonyTitle.com today!