Colony Title Group, Ltd.

Maryland Governor Martin O’Malley recently proposed a budget (Budget Reconciliation and Financing Act of 2012) that, if passed, would itemize deductions, including mortgage deduction and the deduction for property taxes. These two items account for 70% of the itemized deductions Marylanders take off their state tax returns.

More than 1 million Marylanders took advantage of the mortgage-interest deduction in 2008 (the last year figures were available).

According to the Maryland Association of REALTORS Action Alert about the reduction in tax deduction,

“Under the proposal, if a Maryland taxpayer’s federal adjusted gross income exceeds $100,000; single taxpayer’s itemized deductions would decrease by 10% when calculating Maryland taxable income – that’s an INCREASE in your Maryland taxable base! Taxpayers with adjusted gross income over $200,000 would see their deductions decrease by 20%!”

What This Means

• House bill 87/SB 152 would make Maryland the first state to reduce the mortgage interest deduction.
• Despite low interest rates and low home prices, potential Maryland homebuyers are still not buying homes.
• House bill 87/SB 152 could potentially deter some potential homeowners, further delaying real estate recovery in Maryland.

Senate Bill 152 is scheduled for a hearing before the Senate Budget and Taxation committee on Wednesday, February 29. The companion bill, House Bill 87, is scheduled to be heard by the House Appropriations committee on Thursday, March 1.

In response to the proposed bill, the Maryland Association of Realtors organized a rally outside the General Assembly. The rally was expected to draw over 400 people.

If you have any questions, please contact the Maryland real estate insurance experts at Colony Title Associates by calling 410 884-1160 or visit ColonyTitle.com today!

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 area.

Colony Title specializes in real estate title insurance, real estate settlement services, and real estate closings in Baltimore, Columbia, Maryland, Washington DC, and Virginia. Our staff consists of licensed Title Insurance Agents, Real Estate Agents, Settlement Processors, & Attorneys to handle all of your real estate needs.

You can also follow Colony Title on Facebook, Twitter, and LinkedIn.

Sources:

House Bill 87/SB 152

Maryland Realtors to Protest O-Malley Mortgage Deduction Proposal

Lender’s Title Insurance is required if you need a mortgage.

Owner’s Title Insurance is not required (though it is still a good idea).

Lender’s Title Insurance is required because mortgage lenders require a certain amount of protection (equal to the loan) in case a title defect arises. As with mortgage insurance, it protects the lender but you pay the premium, which is a single-payment made upfront.

Unfortunately, a lender’s title insurance policy does not cover you, the homeowner. But you do have an option…Owner’s Title Insurance. It is a one-time premium that protects YOU from any title claims that may arise, such as fraud, forgery and filing errors.

Remember, homes go through several ownership changes and, as a result, any number of things can go wrong. These potential title problems include:

•    A forged signature in transferring title

•    Other title defects

•    Fraud

•    Unpaid real estate taxes

•    Other various liens

•    And much, much more!

Title insurance covers the insured party for any claims and legal fees that arise out of such problems.

How Colony Title Associates Can Help

As agents for a number of title insurance underwriters, we can issue title insurance as well as provide you with the information necessary to educate your client on the value of Owner’s insurance.

If you have any questions, please contact the Maryland real estate insurance experts at Colony Title Associates by calling 410 884-1160 or visit ColonyTitle.com today!

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 area.

Colony Title specializes in real estate title insurance, real estate settlement services, and real estate closings in Baltimore, Columbia, Maryland, Washington DC, and Virginia. Our staff consists of licensed Title Insurance Agents, Real Estate Agents, Settlement Processors, & Attorneys to handle all of your real estate needs.

You can also follow Colony Title on Facebook, Twitter, and LinkedIn.

Sources:

Questions About Title Insurance

We have already told you what title insurance is, so now we are going to examine the benefits of a title insurance policy. But in order to fully understand the advantages of title insurance, we must look at how it affects all parties involved.

Title Insurance Benefits for the Homebuyer

• Provides protection against serious financial loss due to a defect in the title to the property purchased.
• A title insurance policy will cover both claims arising out of title problems that could have been discovered in the public records, and those so-called “non-record” defects that could not be discovered in the record.
• Protects the homebuyer’s heirs for as long as they hold the title to the property, and even after.
• A title insurance policy will pay for the costs and legal expenses of defending against a title claim.

Title Insurance Benefits for the Lender

• Provides a mortgage lender with a high degree of safety against the loss of security as a result of a title problem.
• This protection remains in effect for as long as the mortgage remains unsatisfied.

Title Insurance Benefits for the Seller

• Provides the assurance that the title will be marketable when selling the property.
• Protects the seller from financial damage if the seller’s title is rejected by a prospective purchaser.
• Also, when the seller conveys with “warranties,” the seller is still protected if the buyer sues because of a breach of those warranties.

If you have any questions, please contact the Maryland real estate insurance experts at Colony Title Associates by calling 410 884-1160 or visit ColonyTitle.com today!

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 area.

Colony Title specializes in real estate title insurance, real estate settlement services, and real estate closings in Baltimore, Columbia, Maryland, Washington DC, and Virginia. Our staff consists of licensed Title Insurance Agents, Real Estate Agents, Settlement Processors, & Attorneys to handle all of your real estate needs.

You can also follow Colony Title on Facebook, Twitter, and LinkedIn.

Sources:

Title Insurance Primer

Real Estate Settlement Services | Title & Settlement

Colony Title Group is here to help Lender, Consumers, Builders, and even Real Estate Agents. Let our experienced staff handle your client’s transaction from start to finish. Below you will find overviews of the services we provide Real Estate Agents, like you.

Coordination: We will handle the coordination of each step of the settlement process.

Settlement Cost Estimate: Click on Fee Worksheet and fill in all available information, we will e-mail or fax a quote back to you.

Document Preparation: If legal documents need to be prepared or reviewed, our law firm, Tillman, Shehan & Letzkus can handle that for your client.

Title Insurance: As agents for a number of title insurance underwriters, we can issue title insurance as well as provide you with the information necessary to educate your client on the value of Owner’s insurance.

Loan Process: If you have a buyer who has purchased a property or is preparing to purchase a property, we can put you in touch with a number of experienced Mortgage Bankers and Brokers who can get the job done.

If you have any questions, please contact the Maryland real estate insurance experts at Colony Title Associates by calling 410 884-1160 or visit ColonyTitle.com today!

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 area.

Colony Title specializes in real estate title insurance, real estate settlement services, and real estate closings in Baltimore, Columbia, Maryland, Washington DC, and Virginia. Our staff consists of licensed Title Insurance Agents, Real Estate Agents, Settlement Processors, & Attorneys to handle all of your real estate needs.

You can also follow Colony Title on Facebook, Twitter, and LinkedIn.

Title insurance is protection against any loss that may arise from problems connected to the title of your property. There are two types of title insurance.

Lender’s Title Insurance: This is required by virtually all mortgage lenders to assure them that should a title defect arise, their investment in the subject property is protected.

Owner’s Title Insurance: This protects the purchaser from any title claims arising from the previous ownership, such as fraud, forgery and filing errors. Owners title insurance is a one-time premium.

Homes tend to go through several ownership changes throughout their lifetimes. And the more a home or a plot of land changes hands, the greater the odds that something will go wrong. There may be a weak link at any point in that chain that could eventually cause trouble. These weak links could include:

•      A forged signature in transferring title

•      Other title defects

•      Fraud

•      Unpaid real estate taxes

•      Other various liens

•      And much, much more!

Title insurance covers the insured party for any claims and legal fees that arise out of such problems. The cost of the title insurance premium is modest when compared to the potential loss from a claim.

If you have any questions, please contact the Maryland real estate insurance experts at Colony Title Associates by calling 410 884-1160 or visit ColonyTitle.com today!

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 area.

Colony Title specializes in real estate title insurance, real estate settlement services, and real estate closings in Baltimore, Columbia, Maryland, Washington DC, and Virginia. Our staff consists of licensed Title Insurance Agents, Real Estate Agents, Settlement Processors, & Attorneys to handle all of your real estate needs.

You can also follow Colony Title on Facebook, Twitter, and LinkedIn.

Sources:

Questions About Title Insurance

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