Archive for the ‘Closings and Settlements’ Category
Tuesday, September 3rd, 2013
Tuesday, February 14th, 2012
A man shows up at settlement with his wife, he is a seller…..she told me the name of the seller on the settlement statement was wrong. I looked to see if it was consistent with the title search…it was titled in the Seller’s name and another woman’s name, who was referenced as his wife. I advised the seller of this. His new wife said, “She died almost 9 months ago!”
Husband had already remarried and she thought she was automatically on the deed, so was quite irate. I had chills and tried to keep a poker face, but had to ask him for a death certificate for his late wife, to be sure she wasn’t alive and this transaction was going on unbeknownst to her. He was deeply offended, but proof of death of the other joint owner is a requirement when only one party is selling a property they owned jointly with a right of survivorship. We had to call the funeral home to get the death certificate, as the seller was moving to Florida and everything was packed up…and he was insulted that we had to do this before we would give him his check and delay their leaving!
Olde Key makes every effort to handle the most difficult situations, it doesn’t matter who is right, we just want to get it right…which benefits all parties to a closing (whether they understand that or not!) . Call 301-294-3333 and ask For Lynn Caudle Boynton or email me at email@example.com.
Tuesday, January 3rd, 2012
The article titled “New refinancing programs finally have begun”, written by Robert Nusgart and published in The Daily Record, provides useful information on new programs for refinances. “Lenders started rolling out Fannie Mae and Freddie Mac’s Home Affordable Program [(HARP)] (Part 2)” on December 1, 2011. This HARP program now allows homeowners who owe more on their mortgage than the value of their home to refinance, no matter how much equity they have lost in their home. This program only applies to loans that were originated with and/or purchased by Fannie Mae or Freddie Mac before June 1, 2009.
One may find out whether his/her loan is owned or guaranteed by Fannie Mae or Freddie Mac by visiting both company’s websites at www.freddiemac.com/mymortgage and www.fanniemae.com/loanlookup.
The author of this article, Robert Nusgart, has a website that provides additional mortgage information and news, and can be found here.
Thursday, August 18th, 2011
It has come to Olde Key Title’s attention that effective January 1, 2012 Montgomery Village Foundation, Inc. will charge each buyer with an additional fee “upon purchase of any property (private dwelling unit – home or condominium – or multi-family apartment complex)”. This fee, entitled the “Capital Contribution Fee”, must be paid at settlement and will total one tenth of one percent of the gross selling price of the property. These funds will be placed in a separate account and will be used “to fund new facilities and amenities open to the use and enjoyment of all residents and will help offset dependence on assessment dollars to implement these capital projects.”
In light of the current economy and high delinquency rates of payment of condominium and/or home owners’ association fees, this is not surprising. This additional fee will also protect properties’ values and the ability to sell properties within the community.
If you know of other communities that are doing this, we are eager to hear of them so please let us know.
If you have any questions, please feel free to contact Lynn Caudle Boynton, Esq. or Caryn S. Wetmore, Esq. at 301-294-3333.
Thursday, November 11th, 2010
Recently, there have been a number of real estate scams. Please do not share any wire information (title companies, law firms, brokers, etc.) with unknown potential clients suggesting that they are interested in purchasing a home and all they need is wiring information.
To read more about the scam please visit the following website: http://www.sarasotahomesforsalenow.com/sarasota-real-estate-scam/. Please be careful. If you are contacted by one of these scammers, please go to the Internet Crime Complaint Center’s website at http://www.ic3.gov/complaint/default.aspx to file a complaint.
Olde Key Title knows many real estate agents in the Maryland area with whom such scammers have already contacted. Please be careful.
Thursday, October 14th, 2010
Here is a simple chart that outlines what owner’s title insurance covers. There is also a consumer guide to title insurance on the Maryland Insurance Administration website that provides information to consumers. The rates are set by the State of Maryland. As a result, title insurance rates should be the same wherever one goes for settlement, the only distinction is whether one gets regular or enhanced/eagle coverage. Due to values in the Washington, DC metropolitan area, most people get enhanced coverage as it provides quite a bit more coverage for a 20-25% increase in rate.
If you have any questions regarding title insurance, please visit Olde Key Title’s website under the section entitled “Real Estate & Settlement FAQ” or feel free to call Olde Key Title at 301-294-3333.
On October 1, 2010, the Maryland General and Limited Power of Attorney Act went into effect. According to an article in The Washington Post by Harvey S. Jacobs, this new act, with its new changes detailed below, “make it more difficult to delegate a power of attorney…; this tool can no longer be regarded as a last-minute alternative to attending a real estate closing.”
A power of attorney “is a written document that grants authority to an agent to act in the place of a principal. Powers of attorney are most useful in real estate transactions when one party to a transaction is unable or unwilling to personally attend the closing…” or sign documents that are related to buying, selling, or refinancing a home. It is very important to remember that powers of attorney should only be granted to persons “who you trust and who are able and willing to carry out your wishes.”
The Maryland General and Limited Power of Attorney Act now requires that each power of attorney be signed by the principal before a notary and two witnesses, all of whom must sign in each other’s presence.” Additionally, Maryland has now adopted a statutory agent’s certification (a separate document) “that title underwriters are requiring agents to sign, have notarized and recorded along with the original power of attorney prior to recording any documents they signed as agent.” This certification certifies that to the agent’s knowledge, the principal is alive and has not revoked the power of attorney which grants the agent to act on the principal’s behalf.
To read the article in its entirety, please click here.
If you need a new power of attorney drafted, please contact us and we would be happy to assist you.