Colony Title Group, Ltd.

Maryland Real Estate Title Insurance : MD : DC : VA

Tag Archives

Don’t Forget to Buy Title Insurance before Buying your Home

Last week, we talked about jumping on the hot real estate finds sweeping across the nation in our post, “Homeownership an Economical Approach to Living.” But when you’re getting ready to sign the deed, we want to remind you not to forget to consult the title experts at Colony Title to help you search the history of your potential property and insure the title of your house.

Here’s how we launch the process of searching a home’s title:

1.    Beginning with the most recent deed, we perform a search of the current title holder’s name and then move backwards in time up to the grantor, who appropriately, is responsible for granting the title.

2.    Following this process, the grantor’s name is searched backwards in the grantee’s book to determine the point in time at which the grantor acquired the title.

3.    This procedure is continued until our experts uncover the U.S. Patent.

Obtaining title insurance will secure you against loss arising from defects that might go undetected in the search process, protecting you against claims in the future. It is a one-time only purchase that is valid for as long as you own the property.

Here are some of the most commonly covered items in a Owner’s Title Insurance Policy:

1.    Clear title to the property

2.    Protection in the case of incorrect signatures on documents

3.    Coverage in the face of forgery and fraud

4.    Security against defective recordation

5.    Protection from Encumbrances or judgments

To learn more about title insurance policies and the type of plans offered by Title Colony, schedule an appointment with one of our experts today.

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.

You can also follow Colony Title on FacebookTwitter, and LinkedIn.

Sources:

Title Insurance Policies

Survey Reveals Decreased Economic Distress for Homebuyers

According to the 2012 U.S. Primary Mortgage Servicer Satisfaction Study conducted by J.D. Power and Associates, Americans are in less financial distress than ever when it comes to home affordability: the rate of overdue payments has significantly decreased.

The probable reasons for the sudden surge in homebuyer affordability?  Historically low mortgage rates, affordable closing costs, and loan modification programs.  Of those polled, 7% reported that they were up-to-date on mortgage payments because of payment arrangements that they had made with their mortgage provider or through a loan modification plan.

Compared to the results of a similar poll held last year, homeowners claimed to have less trouble keeping up with mortgage expenses: 15% affirmed less financial strain as opposed to 17% just a year ago.

Besides decreased financial anxiety with homeownership, Craig Martin, J.D. Power’s mortgage practice director, revealed that individuals have communicated that they are more content with their mortgage servicers as well.  According to J.D. Power’s index, mortgage servicer satisfaction jumped from 718 to 725 between 2011 and 2012 on a 1,000-point scale.  This contentment is likely due to improved access and comprehension of real estate buying information.

Hopefully, additional customer satisfaction is to come: in April of this year, the Consumer Financial Protection Bureau put forth a number of new rules for mortgage servicers to potentially abide by, including monthly breakdown of payments, warnings prior to an increase in interest rates, and better efforts to issue early notice when foreclosure is a possible risk.  If these guidelines are adopted, they will go into effect next year, and should aid in making the borrowing process painless for homebuyers.

At Colony Title Associates, we are likewise committed to making your homebuying processes stress free, which is why we’re here to perform title searches on your home and issue title insurance for your protection.  Our services will help protect you against title defects, liens, and other issues, thereby ultimately lessening your financial burdens and contributing to the continual affordability of homeownership.

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.

You can also follow Colony Title on FacebookTwitter, and LinkedIn.

Sources:

Study: Fewer homeowners in financial distress