Colony Title Group, Ltd.

With headlines optimistically indicating that the housing market is making steady improvements, more and more potential homebuyers are feeling confident about investing in real estate, according to a poll conducted by Prudential Real Estate.

The survey indicated that almost 70% of those polled believed it was an optimal time to sign a Deed and acquire the keys to a new home.  Juxtaposed with a comparable poll held at the beginning of the year, that’s an increase of 6%, and a rise of 17% since last year, in 2011.

The poll further suggested that consumers understand that the phrase, “it’s a buyer’s market,” holds some validity, as 72% of them predicted that real estate costs would escalate over the course of the next two years.   This means that people are ready to act and they’re ready to act now: potential homebuyers know that it’s a suitable time to think about settling down in a permanent place.

Of course, that being said, many consumers don’t want to enter the world of residencies without a little help: about 74% saw a need to consult with a professional and reputable real estate agent to make the process run a little smoother.  At Colony Title, we agree: working with housing experts will help you obtain what you want within your budget.

Though the associates at Colony Title aren’t real estate agents, we are specialists in performing title searches and providing title insurance.  Here at Colony Title, once a search has been conducted, we prepare the title insurance commitment, the Deed, settlement sheet and in many cases loan documents. We conduct the closing, collect and disburse all funds to the appropriate parties, record all necessary documents including deeds, mortgages and mortgage releases in the appropriate jurisdictions. Once all documents have been recorded in the County, a final title policy is issued. 

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.

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

Getting Title Insurance is a requisite for purchasing your first home. Though it’s a requirement, there are specialized terms that could be esoteric to many interested in real estate purchases. Regardless, it’s important to know some of these terms before you purchase any title insurance.

Title Insurance Terminology

•  Title Insurance: A loss-prevention insurance policy designed to protect you against legal defects in the title that happened prior to purchase.
• Owner’s Policy: This insurance policy covers  the homeowner.
  
• Lender’s Policy ( Mortgage Insurance): This insurance policy cover’s the mortgage lender.
  
• ALTA:  When it comes to purchasing title insurance, you will hear this term quite often. ALTA, American Land Title Association, is the leading trade association of title insurers. Throughout the U.S, ALTA policies are widely utilized and preferred by credible lenders.  Be aware of ALTA Residential and ALTA Homeowner’s policies before digging into residential property transactions.
  
• Escrow: This term refers to the funds that you provided as earnest money when you made the initial offer on the property. Your escrow holder, normally a title insurance company like Colony Title Group, places these funds into a special account. Once all obligations related to your property are met, these funds will get released. Typically, this step happens during a property closing.
• Titles Search:  Title agencies, like Colony Title Group, perform a thorough check of public records to make sure that the property is legally available for sale.
  
• Title Report: A report that contains the results of the title search.
• Abstract of Title: A document that shows the complete ownership history of a piece of property. This type of document normally has a listing of all past property owners, mortgages and liens.
• Encumberances: Legal interest in the land which may or may not affects its value. Normally, encumberances take the form of zoning ordinances, claims or unpaid taxes.
  
• Lien: A financial claim to the property. Essentially, this takes the form of mortgages, mechanic or contractor liens. It’s imperative to have liens paid off before a mortgage lender will even allow the property sale to take place.
  

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 Terms to Know

Title insurance is like a game of chess, you have to make the right move in order to get checkmate.

To a great extent, securing property title insurance is an exercising a simple move in a chess game. Just as if you move your knight into the area of your opponent, title insurance companies refuse to insure properties with a history of legal uncertainties. Accordingly, the title examiner combs the records with an expert eye and identifies any potential problems, such as an unpaid tax assessment or a neighbor’s easement for right-of-way according to property right of way laws. The examiner then issues a preliminary report called a commitment, which lists these defects and informs you of any problems that the seller must correct prior to closing. If the company isn’t willing to cover a particular matter and the seller can’t or won’t correct it, you have a choice whether to live with the problem or bow out of the deal. If a title insurer refuses to write the policy at all, you can bet that the seller can’t give you good title.

That’s why it’s important to know not only what your title insurance will cover, but also what it won’t: what scenarios might arise in the future that would challenge your ownership of the property title deed. This chapter offers an introduction to titles, title insurance and various encumbrances that could endanger your ability to enjoy your home.

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.

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

Title insurance is a form of indemnity insurance predominantly found in the United States which insures against financial loss from defects in title to real property and from the invalidity or unenforceable of mortgage liens. Title insurance is principally a product developed and sold in the United States as a result of an alleged comparative deficiency of the U.S. land records laws. It is meant to protect an owner’s or a lender’s financial interest in real property against loss due to title defects, liens or other matters. It will defend against a lawsuit attacking the title as it is insured, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy. The first title insurance company, the Law Property Assurance and Trust Society, was formed in Pennsylvania in 1853.  The vast majority of title insurance policies are written on land within the United States.

Typically the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, leaser life estate.

Trust Colony Title Associates!

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.

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! Also reach us via Twitter

Most people don’t realize that the price of most properties can fluctuate as much as your area’s climate change. It’s important to be aware of this since climate change can also have an adverse affect on your ROI. Here are some tips on assessing climate change.

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:

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:

How Does Climate Change Affect Real Estate

Before we go any further, yes, Owner’s Title Insurance is optional, unlike Lender’s Title Insurance, which is required. And although Owner’s Title Insurance is optional, that does not mean it is not important.

A Lender’s Title Insurance protects the lender from any title claims that may arise. In no way does Lender’s Title Insurance cover YOU. This is where Owner’s Title Insurance comes into play. A one-time payment covers you for as long as you own the property. And the cost of the owner’s title insurance premium is modest in comparison with the potential loss from a claim. Whereas a legal defense of property title may start at $5,000, you can get Title Insurance with Endorsements for a handful of hundreds.

Still, despite the tremendous upside of Owner’s Title Insurance, few homeowners or homebuyers know what Owner’s Title Insurance is!

The Benefits of Owner’s Title Insurance

A title search is performed on each transaction. The title records are only as good as the documents recorded. If a previous owner perpetrated a fraud, committed a forgery or the clerk of the land records failed to record or recorded incorrectly, the purchaser is unprotected without owners title insurance.

With the coverage, the title insurance company incurs the expense of determining the validity of a claim and defending against the claim. If there is a title defect, the title insurance company pays the claim so that the purchaser retains ownership without loss, or compensates the owner for any and all losses incurred as a result.

Title Insurance is a one-time fee, there’s no deductible, and it covers you for the lifetime you hold financial interest in the property!

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 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.

Currently, 79% of all credit reports contain at least one error. And of this 79%, one in four credit reports have an error big enough to keep you from obtaining a loan. So what does your credit score look like? Do you even know?

It is important to know your credit score and frequently obtain a credit report. This way to can fix any abnormalities or errors as they occur. Additional tips for maintaining a good credit score include:

1. Review Your Credit Report: Look for incorrect information such as address, social security number, birth date, etc. This is especially important if you have a common name or if you are a Jr. or Sr.
2. Credit Cards: It is a good idea to keep your credit card balances at less than 30% of your credit limit.
3. Set up Payment Reminders: Making your credit payments on time is one of the biggest contributing factors to your credit score.
4. Pay Bills on Time: Delinquent payments, even if only a few days late, can have a major negative impact on your credit score.
5. Respond Quickly: If you are contacted by a collection agency, you have 30 days to resolve the problem or pay the bill before the blemish appears on your credit report.

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:

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:

Good Credit Important in Today’s Economy

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