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 […]
Author Archive | Dan Kotz
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 […]
Now That You’re Married
Do you want or need to change your deed? Did one of you change your last name? Or did you both? Deeds without consideration in Maryland, the District of Columbia and Virginia are recorded for only the cost of the recording fee, no recordation or transfer tax is charged. You may want to change […]
Why does the REO seller offer to pay for the title insurance?
REO (real estate owned, meaning property that the bank owns as a result of foreclosure) transactions are peculiar in several ways. Because the seller does not attend settlement they require that the HUD 1 settlement statement be sent to them days in advance for signature. Until we have a confirmed settlement date from the buyer’s […]
Tips for asking for repairs as the result of a home inspection
Always specify when the repairs are to be done – we all know prior to settlement, but do you really want to walk into the property for the final walk-through with the repair person? Ask for them to be done a few days prior to settlement (be date specific) and ask for the receipts to […]
Who Selects the Title Company? Is it the Buyer or the Seller?
What is Title Insurance and Why Do I Want it?
Title Insurance is unique in that it is the only insurance that protects you from past acts, not things that happen in the future. Unfortunately, there are many different reasons that title insurance coverage might be needed, for example: forged documents, documents signed by someone who is under age, or not of sound mind, undisclosed […]
What does “REO” mean?
Why Do I Need 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 […]
