The title company role is multi faceted.  The title agent is responsible for:

• Ordering and reviewing the title report
• Ordering any pay off statements needed
• Clearing any outstanding title issues
• Preparation of necessary documents to complete closing
• Coordination of closing date with the seller, buyer, agents and lender
• Receive, review and comply with all lender requirements relating to title
• Conduct closing
• Disburse funds to all necessary parties
• Preparation of title policies for lender and owner
• Filing of all necessary documents with the clerk of the court
• Receiving and filing any releases that are required

Our standard fees for title and closing services are:

SETTLEMENT FEE               $ 350.00

DOCUMENT PREPARATION    100.00

TITLE SEARCH                     175.00

TITLE BINDER                       50.00

In months to come these fees will have to be disclosed in a lump sum.  So you may see other sites quoting a flat fee.  We too will have to do the same, but you should know what that flat fee covers. 

Maryland is a filed rate state.  Each underwriter has filed their rates with the Maryland Insurance Administration and all agents must collect fees based on their underwriters filed rates.  Our underwriter is OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY.  For a specific quote for your particular transaction, please call, e-mail or contact us through this site. You may also see our rates at www.closing.com. 

In addition to fees for title services you can expect to pay:

• LENDER FEES
• OUT OF POCKET EXPENSES for such items as lien certificates, judgment reports, copies
• REAL ESTATE TAXES
• TRANSFER TAXES AND STAMPS

In the ordinary case you can expect that it will take approximately 30-45 days from date of contract acceptance to final settlement. This time line will enable your lender and title agent to process your loan and title file.

Of course that is a general time line.  There are many variables.  It may take longer for instance if your are taking a rehab loan.
 

Most settlements take no more than one hour. Settlement delays do happen, but there should NEVER be a settlement delay due to the title company not being prepared.  For more on this see our blog.

New RESPA rules are designed to make it easier for the consumer to "shop" their loans and settlement services and to more easily compare costs between providers.  To view the final rules please visit www.hud.gov .

For those not familier with the new rules there are some basic things that you will notice are changing.  Most significantly are the new HUD-1 form and the new Good Faith Estimate (GFE).  Lender's will now be using a GFE that is three pages long which will include information as to yield spread premiums and tolerance restrictions.  The HUD-1 now becomes a three (3) page document which more closely mirrors the good faith estimate and which will enable the consumer to compare the two documents more effectively.

Of specific note are the tolerances that must be met.  You are urged to read the FAQ's on the HUD website to familiarize your self with the tolerance "buckets" and how they will affect you and/or your borrower.

Lender's will now hold the ultimate responsibility to make sure that the tolerance levels are not breeched.  Therefore it will be necessary for your to tell your lender which title agent you are using for your closing from the very beginning of the loan process so that the lender and the title agent can work closely together to make sure that the GFE is an actual representation of the final HUD-1.  For the lender's purpose please be aware taht our flat fee will be $800.00 which DOES NOT include title insurance for lender or owner.  The lender will need to contact us for those fees as they are specifically based on the sales price and the loan amount.

We welcome your questions concerning the new RESPA rules and look forward to hearing from you.

Most lenders no longer require that the title agent provide a location survey, but they do require that the title agent offer insurance to the lender against matters pertaining to survey.  The consumer is protected against matters of survey if they have elected to purchase an enhanced owner's title insurance policy.

While it is not as common as it once was to get a location survey at the time of settlement there are some real benefits to having a location survey of your property.

Because we feel that is important to the consumer to have a "drawing" of their lot, we are offering, for the month of May, a FREE LOCATION SURVEY.  Just present your signed authorization form with your contract and you will be provided, at the time of closing, a free location survey.

A location survey will not provide you with enough specifics to enable you to establish a boundary line in the case of dispute, but it will offer you assurances that the house sits within the property lines, it will show you where there may be easements for water/sewer lines, building setback lines, driveways etc.