Colony Title Group, Ltd.

Maryland Real Estate Title Insurance : MD : DC : VA

Do I Need Title Insurance in Anne Arundel County?

Do I need title insurance in Anne Arundel County? Home buyers need to ask themselves this question. And while you’re not required to buy title insurance for yourself, there are many good reasons to do so. Let’s talk about why you might need title insurance in Anne Arundel County.

Why you should get title insurance in Anne Arundel County

You can never know if your title is completely defect free.

When you buy title insurance in Anne Arundel County, a home title company conducts an extensive title search to determine if there are any defects in the title that can be found in land records. However, there are defects that are impossible to find in these records. This happens because there was a filing error, or a fraudulent act on the part of a past owner. Regardless, a title search can’t find every defect with a title. This is one great reason why you need title insurance in Anne Arundel County.

You already have to get it for your lender.

You’re required to purchase title insurance for your lender. So why not get it for yourself too?

You’ll never have to worry about a claim on your title.

Imagine always wondering if someone might come out of nowhere with a valid claim on your home’s title. Now imagine never having to worry about this. With title insurance in Anne Arundel County, you’ll be in the second camp. And it will definitely be worth it.

title insurance Anne Arundel 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!

Title Insurance in Maryland: A Worthwhile Investment

If you’re buying a new home, you’re probably consider whether or not to invest in title insurance for your home. While you’re not required to purchase title insurance for yourself, you are required to purchase it for the lender. There’s a good reason for this. The lender realizes the value of title insurance and its ability to protect it against claims against the property’s title that could otherwise result in lengthy and expensive legal contests. Let’s talk about some of the reasons why title insurance in Maryland is a worthwhile investment for you, the buyer.

Investing in Title Insurance in Maryland

It protects you from third-party title claims.

Title insurance in Maryland offers you protection from third-party claims on your home’s title. Though the title search can uncover some potential problems with your title and take care of them before the purchase of your home, there are some problems that can’t be discovered. Often these are the result of filing errors or forged documents. This is why it’s essential to have title insurance as a means of protection against these unforeseen problems.

It’s a one-time fee.

You purchase title insurance during the purchase of your home. Once you’ve paid for it, you’ll never have to do so again. Title insurance is a one-time fee that could end up saving you a substantial amount of money in the long run.

It could end up saving you your home.

The worst case scenario you could encounter would be a legitimate claim to your home’s title from a third party with no title insurance to protect you. It’s very possible that you could lose your home in this situation. Title insurance brings you the peace of mind that comes with knowing your home is safe.

 title insurance maryland

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!

 

Title Insurance in Baltimore: What are the Benefits?

title insurance

Title insurance is a terrific investment for the new and old homeowner. When you buy a home, you expect to enjoy certain benefits from ownership, such as occupying and using the property as you wish. Owning title insurance means you are protected from any potential claims on your property from someone other than you. While your title company may have done a thorough title search prior to settlement, there are sometimes issues that slip through the cracks. Titles may be filed erroneously or recorded incorrectly due to human error. It may also be a result of fraud by a previous owner that was never discovered.

Should someone try to make a claim on your property, it can mean a long, lengthy, and expensive legal process to try to keep your home. Some homeowners who are subjected to this process have loss their homes along the way. To keep that from happening to you, consider investing in title insurance in Baltimore.

The cost of title insurance varies depending on the value of your property. However, a great benefit to title insurance is that you pay once and only once. You are covered as long as you own the property. You can also transfer the warranties of title to someone who buys your property, continuing the title insurance coverage. The benefit of having peace of mind should someone make a claim on your property is doubled when you consider it is a one-time payment. Remember, title insurance includes coverage for legal expenses, which can include investigations, litigations, or settlements on an adverse claim. Save your money for a rainy day and let Colony Title Associates help with your title insurance needs in Baltimore – give us a call today at 410-884-1160 or visit ColonyTitle.com. 

About Colony Title Associates:

Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. 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 title insurance benefits in Baltimore, feel free to contact us at 410-884-1160 or visit ColonyTitle.com today!

Sources:

http://colonytitle.com/blog/category/baltimore-title-insurance/http://www.firstam.com/title/resources/reference-information/title-insurance-reference-articles/q-a-about-title-insurance.html

 

Close Fast with Real Estate Closing Services in Maryland

Closing on a property is an exciting time for all the parties involved. The buyer, seller, and real estate agent are all almost complete with a process that has been months in the making. Now, all that’s left to do is reach a settlement, and close the deal.

Seems easy enough, right? Not necessarily. Murphy’s Law makes no exceptions for real estate closings. Things can and do go wrong, which can postpone the process and make everyone unhappy. In order to prevent this from happening, you can take advantage of real estate closing services in Maryland.

How Can Real Estate Closing Services in Maryland Help You?

Obtain Figures

As the title insurance company, we obtain:

  • Mortgage payoff amounts
  • Tax figures
  • Water figures
  • Homeowners association figures

Document Preparation

We prepare relevant closing documents including:

  • The deed
  • Settlement sheet
  • Title insurance commitment
  • Loan documents

Fund Disbursement

Funds are collected and disbursed to the appropriate party.

Record Keeping

All necessary documents are recorded in the local real estate records, including:

  • Deeds
  • Mortgages
  • Mortgage releases.

Issue Final Title Policy

After all of the documents have been recorded, we issue the final title policy, and the closing is complete!

real estate closing services Maryland

Working with Colony Title makes real estate settlements and closing easy. Talk to us today for more information on our real estate closing services in Maryland.

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!

Should I Get Title Insurance in Howard County?

Should I get title insurance in Howard County? This is a question you’re bound to ask yourself if you’re buying a new home in Howard County. And unlike many aspects of the home buying process, the answer to this question, we believe, is very straightforward. Here are a few great reasons you should get title insurance in Howard County for your new home.

Why You Need Title Insurance in Howard County

The title search uncovers potential problems with your title.

Potential problems on your home’s title include financial encumbrances such as unpaid liens or taxes. Even if these weren’t your responsibility before, they become your responsibility when you purchase the property. A title search is performed and local records are examined to determine if encumbrances exist on the title, so they can be dealt with before you purchase the property. Don’t let unpaid taxes become your responsibility!

Title insurance protects you from problems that can’t be found.

Though the title search is useful, it can’t uncover every potential title problem. Some, such as fraud, forgery, or misfiled records, cannot be discovered by any title search. This is where title insurance in Howard County comes in. This is your protection from claims that could arise as a result of these kind of title problems. Title insurance in Howard County is essential to protect yourself from title problems that can’t be anticipated.

You must purchase it for the lender.

Regardless of whether you get title insurance for yourself, the homeowner, you are obligated to buy title insurance for your lender. While you’re at it, it’s a smart decision to get title insurance for yourself too.

Your peace of mind is worth it.

The sense of finality once you sign the final documents and officially obtain ownership of your new home is a feeling that is hard to match. But if you don’t have title insurance in Howard County, you’ll always be wondering if a claim will surface. Protect yourself with title insurance in Howard County. Your peace of mind is worth it.

title insurance Howard 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!

What is the Difference Between a Clear Title and a Marketable Title?

If you’ve been doing a little research on home titles and title insurance, you may have come across the terms “clear title” and “marketable title.” These are both terms that inform us as to the status of the title on a home. The first thing you should know is that both a clear title and a marketable title are a good thing. However, there are a few differences between the two that are worth knowing. Learn about clear and marketable titles in this week’s blog!

Clear Title

A clear title is a title to a property that has no encumbrances. An encumbrance is anything that detracts from the status of a fee simple title, which is the “maximum and best possible right of ownership of real property.” Essentially, a clear title gives you free reign over your property. You can build whatever you want wherever you want it on your property, so long as it doesn’t cross the property line. A clear title also has no financial encumbrances on it from previous owners such as unpaid taxes, mortgages, liens, etc.

Marketable Title

A marketable title is a title that may have encumbrances on it, but these encumbrances would not be cause for concern regarding litigation or sale of the property at a fair market price. Essentially what this means is that there are no financial encumbrances on the title such as unpaid taxes, etc., but there are land use encumbrances on the title. These include things such as zoning restrictions or building restriction lines. Or it may include a piece of property which crosses the owner’s property in some location, such as a public walkway to the beach at a beachhouse. It is understood that these land use encumbrances may limit what the owner can do on his or her property and may diminish its value, but overall the title is clear enough to sell at a fair price, and without fear of litigation as a result of financial encumbrances.

Unmarketable Title

An unmarketable title would be a title that is hindered by financial encumbrances or certain other encumbrances such as a violation of zoning restrictions. This title could not be sold, thus making it unmarketable.

clear marketable title

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!

Source

http://smallbusiness.chron.com/difference-between-clear-marketable-title-20408.html

 

The Facts About Encumbrances on a Property’s Title

What is an encumbrance on a property’s title? And how can you find out if there are any on the property you wish to buy? Why is this important in the process of buying a home? It’s important to know the answers to these questions so you don’t get stuck with a bad home title. Let’s get started!

What is an encumbrance?

To know what an encumbrance is, we must know what a fee simple title is. This is the “maximum and best possible right of ownership of real property.” Encumbrances are anything that detracts from the status of fee simple title.

What are the kinds of encumbrances?

There are two categories of encumbrances: land use encumbrances and financial encumbrances.

Land use encumbrances are things such as zoning ordinances, building restriction lines, subdivision restrictions, rights of way, easements, etc., that may affect the way the owner of the title can use the property. For example, the building restriction line prohibits the owner of the title from building a structure on the property past the point of the line. It’s common for at least one of these encumbrances to be present on the home’s title, but property owners accept this as they are a necessary part of owning real estate.

Financial encumbrances are things such as unpaid mortgages, liens or judgments against the property, unpaid taxes, etc. Essentially, any outstanding financial obligation which the owner or previous owner has not paid. Records of these kinds of encumbrances are kept on file in local land records.

Why do I need to know about encumbrances on a property’s title?

There are several reasons it’s important to be aware of encumbrances on a property’s title before you purchase it. With regard to land use encumbrances, it’s important to know how you can and cannot use the land on the property so you don’t violate any local regulations. In addition, if any land use regulations are currently in violation and you purchase the property, these violations become your responsibility, which you don’t want.

Financial encumbrances too become your responsibility if you purchase the property before they are taken care of. This means any party who is owed money by the previous owner of the property can now come after you. Filing errors, forgery, fraud, and other discrepancies at the land records office can also result in the discovery of encumbrances for which you will be held responsible as the current owner of the property.

How can I discover and protect myself from encumbrances?

The best way to discover encumbrances on a property’s title is to enlist the help of a title insurance company. The company will do a thorough search of local land records to find any encumbrances on the title, and will research any land use encumbrances that may exist. This way, you can decide whether or not you want to move forward with the purchase.

If you do decide to move forward with the purchase, it’s important to protect yourself from encumbrances that may be discovered as a result of past fraud, filing errors, etc. This is what title insurance is for. Title insurance protects you from claims on your property’s title due to encumbrances that could surface at any time. For more information about home title insurance in the Delmarva area, contact Colony Title Associates today.

property title encumbrances

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!

Sources

http://www.ctrealtor.com/unprotected/HtfdCourant_WhatIsThisThingCalledMarketableTitle.pdf

http://smallbusiness.chron.com/difference-between-clear-marketable-title-20408.html

What are Some Typical Home Title Claims?

A claim against a home’s title is a claim from a third party that somewhere along the line of ownership of the property, a legal issue occurred and was left unresolved. Now that you are the owner of the property, this unresolved legal issue is, unfortunately, your responsibility. Title insurance protects you from these claims because your title insurance company will take care of the legal proceedings and associated fees for you. Without title insurance, you would have to take care of this matter yourself, which can be time-consuming and expensive. And because your lender also has ownership of your home until you’ve paid off your mortgage, a title claim becomes their responsibility as well. This is why you’re required to buy lender’s title insurance. So why not buy it for yourself as well? Get peace of mind and cover yourself from some of the following title claims with home title insurance in Maryland.

Typical Home Title Claims

Someone else owns an interest in the property

Unlikely as it seems, this can and does happen. If someone else claims a legitimate interest in the property, you’ll be very grateful that you purchased home title insurance in Maryland.

Forgery

Forged documents due to fraud, impersonation, duress, incompetency, incapacity, or undue influence are not considered valid. If discovered, this could lead to a claim on your title.

Undisclosed Liens

Undisclosed liens can come about as a result of a “deed of trust, unpaid taxes, special assessments or homeowners association charges” that were left unpaid by a previous owner.

home-title-claim

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!

Source

http://wallethub.com/edu/title-insurance-guide/892/

Reading Your Title Insurance Policy

Looking for title insurance in Maryland? You’re probably aware that having title insurance protects you from third-party claims against your home’s title and could save you a considerable amount of money if a problem ever arises with your home’s title. Reading over your title insurance policy will help you get to know the specifics of your situation, which will help you be a more informed homeowner. In addition, you may need to know this information well if at some point in the future a claim arises. Here’s how to read over your title insurance policy.

Reading Your Title Insurance Policy

Face Amount

This is the amount for which you’re covered. Make sure this amount is correct and matches what your property was appraised for when you bought it. Remember that your property’s value may change over the years, and you may need to work with your title insurance company to adjust this.

The Date

The date that the insurance goes into effect should match the closing date of the escrow.

The Property

The policy should describe in detail the property and interests that you are purchasing and that it will protect. This includes the boundaries of the property. Title insurance protects not just your home, but your entire property.

 

If you have any questions about title insurance policies, contact Colony Title Associates today!

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. 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!

Source

http://wallethub.com/edu/title-insurance-guide/892/

How Title Insurance Protects You From the Seller

Sometimes title insurance is thought of as protection for recording errors or unpaid liens that happened long ago and have been obscured by the passage of time. However, there are plenty of current problems with the property and its current owners that can make life difficult for a buyer. A title company can help you avoid unwanted situations with current property owners that could lead to extended court battles and expensive legal fees. Here’s how title insurance protects you from the seller.

How Title Insurance Protects You From the Seller

Fraud

Though we’d like to think the people we’re doing business with are honorable and upstanding, the reality is that this isn’t always the case. Fraud is a possibility in a real estate transaction, and if you’re on the receiving end, you can face some serious problems once the jig is up. A good example of this can be found here, in a sale of a property after divorce. Normally, this would not be an issue, but if one of the spouses moved to another state and filed for divorce there, there would be no record of the divorce in the state where the property is located. Tenancy records would not change, and the remaining party could conceivably have another party pose as the second rightful tenant in order to sell the property. The buyer, unfortunately would be stuck with a property that was not theirs, and if the estranged spouse returned, he or she would claim entitlement to the property. Title insurance would make this situation considerably less difficult for the buyer, who would have a legal defense prepared by the title company as opposed to having to seek legal counsel and fight the battle on his or her own.

Debts, Loans, and More

If the seller has unpaid debts, outstanding loan judgments, unpaid bills, or other “financial or legal obligations that can’t be satisfied at closing,” you could incur the burden of their creditors as any judgments against the property will pass on to you. Having title insurance ensures that you are protected against these and other scenarios.

title insurance

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!