Important Update Regarding Closing Funds

1803 Research Boulevard, Suite 512 Rockville, Maryland 20850 # 301-770-4107 (facsimile) 301-770-4552   Attention Realtors and Lenders IMPORTANT UPDATE REGARDING CLOSING FUNDS Effective October 3rd, 2015, First Class Title’s policy for acceptance of Buyer and Seller funds has been updated to insure our compliance with Dodd Frank, TRID and title underwriter requirements. All funds in […]

Continue Reading 0

Forms of Estate #realestate #law

A deed is the written document that conveys a property from a grantor (e.g., seller) to a grantee (e.g., buyer). Among other things, the deed indicates the form of the estate that passes.  Fee Simple Fee simple (sometimes, “fee simple absolute”) is the most complete form of ownership one can have. It gives the owner […]

Continue Reading 0

Affiliated Business Arrangements #realestate #law

As previously discussed in What Is a Title Company?, title companies serve three roles that are heavily regulated: title insurance agent, escrow agent, and settlement agent. Part of that regulation is the requirement that they remain independent of the other entities in the transaction (i.e., the lender and Realtors). This isn’t a hard-and-fast requirement though. […]

Continue Reading 0

Ownership of Property #realestate #law

There are a few different ways one can own property. These separate forms of ownership usually come into play with real estate, but depending on the jurisdiction, they may apply to personal property as well. I’m going to go through them briefly and (obviously) without any analysis of your particular facts. Always seek legal advice […]

Continue Reading 0

What’s a “Title Company”? #realestate #law #insurance #escrow

I’ve provided an overview of the three functions of a title company over on my blog. https://propertyatty.wordpress.com/2019/05/29/whats-a-title-company-realestate-law-insurance-escrow/ Some people aren’t aware of what a title company is, but they’re quite important to the purchase and refinance of real estate. A title company has three functions, all of which are heavily regulated by state and federal law. […]

Continue Reading 1

What to Bring to Settlement

Buyers and sellers both need to have photo identification at settlement.  Buyers will need the funds to buy the property, in the form of a certified check or a wire transfer  – we would be happy to send your our wiring instructions.  We really prefer not to be given cash!  It is best if we […]

Continue Reading 1