Colony Title Group, Ltd.

A Beautiful Garden Boosts Curb Appeal

admin — Thu, 23 May 2013 18:16:31 +0000

Gardens are beautiful and bring light and life into any space; they can also boost curb appeal. A house with beautiful plants in the garden will be inviting to buyers. However, caring for the plants can turn into a headache if you do not have the time to care for them. That is why it is helpful to pick plants that can survive easily in your climate and don’t require a lot of maintenance.

One of the biggest factors in your plant’s health is water. If you will not be available to water your plants often you can either make sure you have a timed sprinkler that waters them when necessary, or buy plants that are drought-resistant and thus do not need very much water, such as a cactus. There are many plants that are specific for different regions or cities and grow best in those areas, so choosing plants that grow best in your city will mean they will be easier to maintain and look healthier.

Another important factor for deciding on plants for your garden is size. All of your plants will grow to be much larger than the seedlings that you plant. Make sure that you are prepared for this growth. Also, do not plant plants too close to one another. If you do plant them too close together this could stunt the growth of them and affect their life.

Information such as, how big your plants will grow and how far apart to plant them can be found easily on the internet and in books anywhere. If you do not want to spend the time on this, you can also hire a garden designer. These experts can help you with any of your plant choosing questions.

As you can see, deciding what plants to put in your garden is a decision that needs some consideration for many different factors. Once you have ironed out all of the particulars though, all of your planning and thought will be worth it.

Have any more questions? Contact the Real Estate experts at Colony Title!

We at Colony Title want to be your Title Company and real estate law firm. For additional information, please contact Tee Tillman at 410.884.1160 ext. 3007 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 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 area.

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

You Should Have Good Credit if You Are Going to Buy a Home

admin — Fri, 10 May 2013 20:01:56 +0000

Maintaining good credit is often one important aspect of people’s finances that they completely neglect until it is too late. First being aware of your credit score when you are applying for a home mortgage is too late. Did you know that most lenders require a minimum credit score of 680? Do you know what your credit score is?

Disturbing Facts about Credit Scores

79% of all credit reports have errors
25% of all credit reports have errors large enough to keep you from obtaining credit

Tips for Maintaining Good Credit

Occasionally obtain a copy of your credit report and go through it line by line to make sure everything is accurate. If you notice an error in your credit report, notify the credit-reporting agency as soon as possible.
Keep your credit card balance at less than 30% of your credit limit.
Be sure to pay your bills on time. Even just a few late payments can really damage your credit score.
Avoid going to a collection agency at all costs. If you are contacted by the collection agency, you have 30 days to resolve the problem before it appears on your credit report. A collection account can lower your credit score significantly!

Have any more questions? Contact the Real Estate experts at Colony Title!

We at Colony Title want to be your Title Company and real estate law firm. For additional information, please contact Tee Tillman at 410.884.1160 ext. 3007 or visit ColonyTitle.com today!

About Colony Title Associates:

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

New RESPA rule & The trouble with Controlled Business Arrangements

admin — Wed, 01 May 2013 14:19:07 +0000

In a recent case involving a title company in Columbia and a large real estate firm, there were allegations that the title company had a “Marketing Agreement” wherein the title company made monthly payments to the realtor in order to obtain referrals for settlements from the realtor. The Real Estate Settlement Procedures Act of 1974 (RESPA) was designed to prohibit such activity and was purported to prevent realtors or builders from receiving “kickbacks” from title companies in exchange for closings.

The most recent rule change to RESPA made obtaining mortgage financing clearer and, ultimately, cheaper for consumers. The new Rule includes a required, standardized Good Faith Estimate (GFE) to facilitate shopping among settlement service providers and to improve disclosure of settlement costs and interest rate related terms. The HUD-1 was improved to help consumers determine if their actual closing costs were within established tolerance requirements.

Unfortunately, in 1992 when Congress got around to approving some of the regulatory language for RESPA, it opened up the possibility of Controlled Business Arrangements or CBAs wherein the title company and/or the realtor lender or builder co-owned a title entity which performed settlements and both parties profited. There have been many permutations and combinations since then designed to foster the possibility of the realtor, lender or builder receiving compensation for the referral of settlement business. Unless the arrangement meets the criteria set forth in RESPA, the CBA could be considered a violation of the federal law initially written to prevent such arrangements. The allegations in the aforementioned case are that the arrangement did not meet the criteria of RESPA.

The unfortunate part is the consumer may pay higher settlement fees in order to “build in” the referral fee being paid to the referring party. Colony Title does not participate in any marketing agreements or referral fee structures. We are very proud of the fact that realtors and lenders who refer work to us do so because of our work product, not because we are paying for that referral. If you enter into a contract wherein the realtor, lender or builder discloses a CBA or marketing arrangement be advised that the party handling closing may not have your best interests at heart.

Rates unbelievably have been a lot better these past few weeks. A fixed 30 year is 3.5%, FHA is at 3.25% with significant lender help and 15 year fixed is under 3. It’s not known when these rates will turn up, but now is the time to act. We work hard to be your Title Company and real estate law firm. If you have a question call Colony Title at 410 884 1160 or email us at tee.tillman@colonytitle.com

We are once again having the Colony Title Invitational Tennis Tournament to benefit University of Maryland Shock Trauma, June 6^th at Hobbits Glen Racquet Club. Call or email for details.

About Colony Title Associates:

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

Source: RESPA – Real Estate Settlement Procedures Act, U.S. Department of Housing and Urban Development

Misinformation about Real Estate Property Listings

admin — Thu, 25 Apr 2013 20:06:37 +0000

In this day and age there is an information overload. Everything you have ever wanted to know is at your fingertips. But then there’s also the age old saying “don’t believe everything that you read.” This statement is becoming more relevant every day with the misinformation that is spread across the internet with the tap of a button.

Certain companies are internet aggregators such as: Zillow, Realtor.com or Truila. These companies collect real estate information from the internet and repackage the listings for internet users. The issue with this type of system is if you were looking up a particular property it can appear on a few different lists. But the realtor who is on the site is not the person who listed the property. Real estate agents can pay an advertising fee to the aggregator and have their picture next to the property. This can cause a lot of confusion for consumers who think that the person on the advertisement is the person to call for information about that listing.

The best way to select a real estate agent is through recommendations from people you know and trust or another reliable source.

The market is heating up. Buyers are in the marketplace, but there needs to be more choices. As it is, well priced, properties are receiving multiple offers. If you are in that situation and need to understand “escalator” clauses, give us a call.

Colony Title wants to be your title company and real estate law firm. I can be reached at tee.tillman@colonytitle.com or at 410 884 1160 x3007.

About Colony Title Associates:

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

Colony Title’s Tips on How to Design the Perfect Bathroom

admin — Thu, 18 Apr 2013 19:46:24 +0000

Whether you just purchased a new home, you have stayed at the same address for the past decade, or are getting ready to sell; you use the bathroom every day. It may be time to update some of the appliances and décor.

Before you begin the bathroom remodeling, it is important not to go overboard. Just because you would like the most lavish bathroom possible, that is not always a great idea. You should keep the look and feel of your bathroom in check with other rooms in your house. Experts suggest that you should not spend more than ten percent of your homes current worth on updates to your bathroom. If you renovate your bathroom to be substantially more luxurious than the rest of your house, your home will become less desirable. A more practical renovation would be adding a second full bathroom if you do not already have one.

The most limiting factor when it comes to remodeling the bathroom is the existing plumbing. If you are not looking to spend a fortune remodeling and rewire the whole room, the appliances are going to need to stay put. Below are a few steps for how to take care of all of your bathroom remodeling needs.

Dominate the Design

Look at the current layout in your bathroom and identify the key areas that you want to fix. If you have a closet in the bathroom, is there enough shelf space? What about the medicine cabinet, are the shelves thick enough to hold all of your items? Lastly, what about counter space, would a second sink be beneficial? Once you identify the major problem areas, designing a bathroom that you love will be more of a reality than ever.

Regarding Repairs

Is there mold or buildup on any of your current appliances? Certain things look wonderful when they are brand new, but after a short period of time they show signs of wear and tear and begin to look subpar. Make sure that you use materials that can withstand high levels of moisture. While a relatively expensive product, granite can handle the high moisture levels and is easy to clean. A less expensive option is tile. In the past, homeowners have complained about how tile is a little more difficult to maintain because they had to clean the grout. Now, tile is sold in larger pieces that can either reduce the amount of grout or eliminate it.

Don’t Waste Water

When you are remodeling the bathroom there are also options to be considered that can help reduce your water bill. Did you know that a toilet uses more water than any other appliance? In order to reduce the amount of water, consider purchasing an ultra-low-flush toilet. While your current toilet may be working fine, the money you spend will often be returned to you in terms of savings on your reduced water bill. Some showerheads use considerably more water than others do; a low-flow shower head won’t waste water and can help lower your water bill.

Really, the possibilities are endless, and these are just a handful of the steps we can suggest to design your dream bathroom. Remember to be creative with your budget but to keep your home looking clean – both literally and in the personal accents you add throughout your space. When you’re ready to move on to a new place, contact the experts at Colony Title to help you in closing the deal on a new home with our title search services.

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

About Colony Title Associates:

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

Source:
http://www.doityourself.com

Six Questions to Ask About Title Insurance

admin — Mon, 08 Apr 2013 12:58:34 +0000

When you buy or refinance a home, you have a lot of things on your mind. Chances are, title insurance isn’t one of them.

Title insurance is really a two-part transaction. First, the company or attorney searches property records to ensure that there haven’t been any clerical errors, mistakes in examining records, undisclosed heirs, omissions in deeds, unknown liens or fraud involving the deed, says Jeremy Yohe, spokesman for the Washington, D.C.-based American Land Title Association. It verifies that the seller really owns the property and is free to sell it.

“One out of every three searches reveals a title or public record defect that’s fixed before the transaction closes,” Yohe says.

Next, the entity doing the search contracts with an underwriting company to issue an insurance policy that will pay to defend you in court if anyone challenges your title and to compensate you for your equity if you lose. Homebuyers typically need two policies: an owner’s policy which protects them, and a lender’s policy, which safeguards the lender.

Here are six questions to ask to help you make smart choices:

1. Are the prices regulated? In many states, they are, so there won’t be much of a price difference between companies.

Still, smart consumers are looking at two factors: quality of insurance and of the title search, says Ronald Mann, law professor at Columbia University in New York. The goal is to find a title company or attorney that will do a thorough search and an underwriter that will be there in 10 or 15 years if there’s a problem.

In unregulated areas, the difference in price “could be wide — 10 percent, 20 percent or more,” says Frank Pellegrini, president of Prairie Title Services Inc. in Oak Park, Ill. To find out if you’re in a regulated area, ask your lender or state insurance department.

2. What coverage do I need? The average policy is “pretty standard,” says Mann.

Owner’s policies typically protect against a number of contingencies, like fraud, forgery, undisclosed heirs and spousal claims, says Pellegrini.

If you want additional coverage, that could boost the insurance cost. For example, a restriction endorsement could protect you if the construction of your home inadvertently violates the restrictions of your subdivision, Pellegrini says.

Or, your lender could require additional insurance on the property or mortgage. For instance, an ARM, or adjustable-rate mortgage, endorsement would guarantee that the lender is first in line for repayment if the home goes into foreclosure, says Pellegrini.

3. Who usually pays? The party responsible for paying for the two policies — buyer’s and lender’s — varies from state to state and sometimes from county to county, says Yohe. In some locales, the buyer may pay for one; the seller, the other.

That doesn’t mean if the buyer pays, he can’t haggle for all or part of his costs. “It can always be negotiable,” Yohe says.

If you’re buying the owner’s and lender’s policies from the same company, “in many cases, there’s a substantial discount,” says Lucero.

4. Is the seller pushing a specific title company? Be wary if the seller is pushing his title company, he says. A title search is meant to find errors before you buy. Use the same company that your seller did years earlier and odds are you’ll get the same results, Mann says. Often, searchers aren’t using actual records but summaries or extracts of those records. A fresh set of eyes (and extracts) could unearth problems, allowing you to fix them before you buy, he says.

5. Who do I trust? If you’re getting advice from your seller, your real estate agent and your mortgage lender, look to the lender, Mann says.

“The lender’s interest dovetails with yours in getting these things done well,” Mann says. The lender is guaranteeing a large amount of money based on the assurance that the property you’re using as collateral is really yours.

6. How much reassurance do I need? Banks and insurance companies aren’t supposed to go under, but they do. If you want to verify that the underwriter issuing the insurance policy is currently sound, check its financial solvency with ratings companies like Fitch Ratings, Demotech Inc. or A.M. Best Co.

The title insurance agents in Maryland at Colony Title Associates can answer your questions and take care of your title insurance needs. Call us today at 410-884-1160 or visit ColonyTitle.com to get started.

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

Source: Bankrate.com: 6 Questions-to-Ask-About-Title-Insurance

Fractional Ownership of Vacation Homes Proves to be Best Option

admin — Fri, 05 Apr 2013 16:09:45 +0000

Fractional ownership, shared ownership, better utilization of real estate use are the wave of the future. In today’s market with Sequestration diminishing some household incomes by up to twenty percent, there is a way for families to continue to own their homes. In our last newsletter, we broached the topic of families participating in the ownership of property. Case in point, daughter and son in law own a home, but due to a cut back in family income, the mortgage payment is becoming problematic. A better solution to the situation might be a co partner sharing the cost of the monthly obligation. Rather than losing the home, falling behind in the mortgage payments, the family partner supplements the obligations. Structuring a partnership wherein both parties benefit, makes sense for both parties.

Along the same line of thinking, a new concept of ownership of vacation homes has arisen. Fractional ownership makes perfect sense for an owner who wants to have a home where the family wants to spend time on a regular basis, but the property remains unused for the majority of the year. Why not own a fourth or fifth of a property with the ability to use the property two or three weeks every season, but only have the responsibility for one fifth of the upkeep rather than all. The upside compared to a time share is to have fee simple ownership and be able to take advantage of the tax deductions afforded and be able to realize a percentage of the appreciation in value as the property values prosper.

As the real estate market is rebounding, prices are stabilizing and will start to rise as supply and demand will compel that eventuality. Currently our interest rates remain at historic lows, but when they ultimately rise, the opportunity to profit from the real estate market will change. We see the opportunity now to acquire property either individually or in partnership as a unique situation. We are uniquely qualified to assist you as we have handled many acquisitions via partnerships, LLCs or corporations and are currently involved in a fractional ownership venture. If interested in any of these options please contact me to explore the opportunities.

Rates remain at the 3.5-4% range depending on the size of the loan and creditworthiness. Call us for details.

We have completed our relocation in the beautiful Symphony Woods Office Center at 5950 Symphony Wood Drive. Please drop by.

Our annual tennis tournament for the benefit for Shock Trauma will be on June 6. Please call for details.

As always we want to be your title company and real estate law resource. Email me at tee.tillman@colonytitle.com or call at 410 884 1160 ext 3007.

Homeownership: Buy New or Old?

admin — Mon, 25 Mar 2013 05:01:19 +0000

Out with the old, and in with the new – or so the saying goes. When it comes to homeownership, is it better to buy new or old? Should the new maxim for potential homebuyers be “go new or go home?” Here’s a quick comparison of a few of the pros and cons.

New homes….

- Generally cost 10-15% more than existing construction

- Require less repair and offer modern floor plans, thereby amounting in a lower cost for ownership/maintenace

- Are often built on smaller lots than older homes, which often claim more desirable lots/area

- Usually require a longer time frame to close the transaction

- Offers less opportunity for improvement, which can improve a home’s resale value

We want to know: did you buy your house new? Have it custom built? Move into a historic treasure? A dated fixer-upper with great bones? Did you think your investment was worth the cost? Share your thoughts with us!

The title insurance agents in Maryland at Colony Title Associates can help to insure you against title defects in the process of buying a home – whether it’s brand new construction or simply new to you. Call us today at 410-884-1160 or visit ColonyTitle.com to get started.

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

Sources:

Home shopping: Should you buy new?

Why you Need Title Insurance for your New Home

admin — Fri, 08 Mar 2013 13:50:28 +0000

Homeownership comes with its advantages: having a space of your own, decorating according to your whims, and living out the all-American dream of having a yard. But there are some risks involved in owning a home that you don’t want to face, like dealing with a title defect left behind by a previous owner.

When buying a home, you’ll need title insurance so that you are free to enjoy the upsides of homeownership. It’ll ensure that you are free from any debts or obligations associated with the property, that you can use it as you wish to, and that when you want to sell, you can without issue.

Unlike most insurance policies, which are paid on a routine basis, title insurance is a one-time only, flat-fee that protects against issues such as:

Forged title documents
Undisclosed mortgage or lien
Improperly recorded Deed
False or incorrect legal descriptions

In short, title insurance will protect you from having to deal with any previous defects associated a home’s title, preventing you from facing claims that aren’t your fault.

The title insurance agents in Maryland at Colony Title Associates can help to insure you against title defects in the process of buying a new home. Call us today at 410-884-1160 or visit ColonyTitle.com to get started.

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

How Sequestration Could Impact Homeownership

admin — Fri, 01 Mar 2013 06:09:07 +0000

It’s settled: sequestration is beginning to have a real impact on federal employees, as agencies plan to start issuing furlough notices this month. Many homeowners will see a 20% drop in their income as a result of the congressional decisions, and many more will continue to struggle to make mortgage payments, as the economy negatively effects their financial situation.

Equity could be a solution to economic hardship – that is, shared equity. This was a prevalent phenomenon in the 1980s, when as now, real estate prices were considerably high. Homeowners who couldn’t make their monthly payments in full without struggling could solicit the help of a non-resident partner, who would share some of the home’s equity. This offered a way for those with expendable income to become real estate investors with less risk than a conventional landlord, and for those in need of financial assistance to source it without having to lose their homes.

The idea is that as opposed to a typical investment scenario, wherein a property is rented our to a tenant for an agreed upon price, in a shared equity agreement, the tenant – or rather, homeowner – has more of a vested interest in the property. This means they’re more likely to stick around long-term and to keep the house well maintained – both benefits for the investor. On the plus side for the homeowner, they’ll be afforded (literally) the opportunity to stay in the home where they’re settled and participate in the growth of equity as it happens.

At Colony Title, we can help you structure a shared equity agreement. Whether you’re a homeowner in need of mortgage payment assistance or an investor looking to get into the market with less risk, shared equity can be an attractive option.

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

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