maryland_title_company
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About Us
maryland_title_companyFirst Class Title, Inc. was established in 2005 by Dan Kotz, Esquire. Mr. Kotz was born and raised in the Washington DC suburbs and graduated from St. Louis University School of Law in 1993. Mr. Kotz began his real estate career in 1993 with First Financial Title Agency where he managed the Maryland, Virginia and Washington DC offices and established the law firm of Kayton & Kotz in 1994. In 2005, Mr. Kotz established First Class Title, Inc. and the Law Office of Kotz & Associates, PA with the goal of providing first class knowledge and first class customer service. He has hand selected his staff whose experience averages over 25 years experience each. First Class Title handles your typical refinances, home equity loans, REO sales, standard sales and represents a number of investors and servicing companies in their REO purchases and sales. Mr. Kotz in his time away from the office is married with three children and enjoys his time with his family and playing tennis.
WHAT DOES FIRST CLASS TITLE DO?

FOR BUYERS:
When we receive the contract of sale we first order a title search, a 60 year inspection of the land records showing the history of ownership of the property. This is done by a title abstractor on our behalf. We then examine that title search to verify that all liens are paid in full and released, that there are no judgments that attach, and that all covenants, easements and rights of way are appropriate to the property you are purchasing. An easement allows someone else to have access to the property (not your home) for example, the meter reader may come onto your property to read the meter and the utility companies may repair lines on your property. A covenant is promise to do or not do something. You may be moving into a community that does not allow you to keep commercial vehicles on your property. These would be included in the HOA/Condo docs that you will get from the listing agent. If you are purchasing a bank owned (REO) property, we will examine the entire foreclosure file to make sure that the foreclosure was done properly. We must even look at signatures to make sure that they are the same from document to document!

Your lender might require a survey of the property or you may want one. Please call FIRST CLASS TITLE to discuss survey options.

We must prepare a title insurance binder for your lender. This is our commitment to insure your lender once settlement occurs. Title Insurance is also recommended for Purchasers. Please see below for more information on title insurance.

We will prepare a draft HUD 1 Settlement statement (the document showing the financial details of your purchase and loan) for your lender. Your lender will use that to assist in preparing your Good Faith Estimate (GFE) showing what your loan will cost and how much money you will need to bring to settlement.

FIRST CLASS TITLE will schedule your settlement with your lender after conferring with you to determine the best time for you. Remember that the settlement date is the date you agreed to in the contract. This cannot be changed without a written addendum signed by all parties. If you are buying a bank owned property, be aware that most banks charge a per diem (daily penalty) if settlement does not take place by the contract date.

FOR SELLERS --
We will need the last four digits of your social security number and the account numbers of any mortgages/deeds of trust/home equity lines of credit that you have so that we can order payoff statements. Remember that interest is paid in arrears, so your principal balance is not the payoff amount. We will also need the contact information for any Homeowner's or Condominium Association or private water/sewer companies that service your property. If you are buying a new home in Maryland, Virginia or the District of Columbia, please call FIRST CLASS TITLE to see how to save money on your purchase settlement. When you know your new address, please make sure that we get it.

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 heirs, and the possibility that a document correctly filed at the court is mis-indexed. Title insurance is purchased at the time of settlement and that one time purchase covers you as long as you own the property. There are two levels of protection, Standard Homeowners and Enhanced. Please call FIRST CLASS TITLE so that we can explain the differences in coverage and cost. If you are buying a REO property, the seller often will pay for the Owner's title Insurance if you use their choice of Title Company. And if you refinance your home later, you will get a reduction in costs as a result of your purchase of Owner's Title Insurance. Of course, call FIRST CLASS TITLE if you refinance for additional savings as a returning customer.

6187 Executive Blvd., Rockville, MD, 20852 | 301.770.4107 | fax: 301.770.4552 | info@firstclasstitle.net