Effective July 1, 2019, SB 484 becomes law. All Maryland tax liens filed on and after that date will have a 20-year limitation period. The new law is not “retroactive,” so it doesn’t affect Maryland tax liens filed prior to July 1, 2019. However, at least one of our underwriters has approved insuring over any […]
Archive | Insurance
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. […]
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. […]
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 […]
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 […]
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 […]