tag:blogger.com,1999:blog-53848401920557878352012-02-16T18:04:45.281-05:00Maryland Title Company doing business nationwide. Full service nationwide title company.Patriot Title, LLChttp://www.blogger.com/profile/11563023856615469766noreply@blogger.comBlogger11100tag:blogger.com,1999:blog-5384840192055787835.post-822478616256817672010-02-17T19:16:00.009-05:002010-02-17T20:04:38.111-05:00It is very important to choose a title company that has extensive experience and knowledge conducting business in the particular state in which you are closing a loan. Let's take Maryland for example. If your title company is not aware of every single aspect of doing business in the State of Maryland you will probably end up with an upset borrower. Moreover, in light of the very stringent revised RESPA regulations, if your title company makes a mistake you as the lender may be responsible for reimbursing your borrower out of your fee! Each state has its own peculiar real estate, mortgage and title regulations, policies, customs, and requirements, and Maryland is certainly no exception!<br /><br />The State of Maryland requires that settlements be conducted by licensed settlement agents, also referred to as licensed title producers; settlements are not permitted to be conducted by notaries who are not licensed by the state as title producers. It is not sufficient that the title company is licensed, as the individual who actually conducts the closing must be licensed individually as well.<br /><br />The method by which recordation taxes are computed on refinances and purchases in Maryland vary by county, and there are 23 counties in the state, plus the City of Baltimore. Your title company needs to know the calculation rate each one of these counties utilizes so that the proper amount is collected at settlement. Moroever, your title company must know that full recordation taxes are collected on investment properties, as opposed to the exemptions on certain transactions involving primary residences. In the event a refinance transaction involves adding or removing an individual from title the transfer fees charged vary by county and also vary depending on whether the individuals are related.<br /><br />Property taxes are collected semi-annually on primary residences in Maryland, but are required to be paid annually on investment properties. This information is obviously critical when figuring out the amount of money your borrower will need to come up with for closing.<br /><br />Many properties in Maryland, especially in Baltimore City, are subject to a fairly local phenomenon known as "ground rent", or "leasehold property." Such properties are not owned in fee simple as are most properties throughout the country, but rather are subject to a "rent payment" twice per year for the use of the land. This is often a source of much confusion for out of state title companies, lenders and mortgage brokers not familiar with these types of issues.<br /><br />There are countless other specific and detail-oriented issues a Maryland title company must be aware of to ensure a Maryland refinance or purchase transaction closes successfully and in accordance with all applicable laws and regulations. Patriot Title, LLC has been conducting refinance and purchase mortgage transactions in Maryland since 2001. Feel free to contact us should you have any questions about closing any loans in Maryland. We will gladly service your title needs or, in the alternative, we would also be willing simply to answer any questions you may have in the hopes of doing business with you at a later date.<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/5384840192055787835-82247861625681767?l=marylandtitlecompany.blogspot.com' alt='' /></div>Patriot Title, LLChttp://www.blogger.com/profile/11563023856615469766noreply@blogger.com0