If you’ve been a Realtor for any length of time, you know that people will come to you for advice on all things related to real estate.
At some point in your career, you’re bound to encounter a question about how to handle a situation where the owner of a property, likely a loved one, is no longer mentally and physically able to care for the property and make the necessary decisions about how to handle the property — including when it’s time to sell. Read more
Unfortunately, money laundering occurs in real life — and not just by Jason Bateman in “Ozark.”
Traditional hotspots have been California, Miami, New York, Chicago. But guess who just made the list!
The US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a new Geographic Targeting Order with reporting requirements that affect real estate transactions in Washington, D.C., Northern Virginia, Maryland and especially Baltimore! Read more
In Pennsylvania, Title Companies Compete on Service. That’s Our Specialty.
Did you know Advantage Title is licensed in Pennsylvania? And did you know that Pennsylvania is an “All-Inclusive” Rate state? Read more
Don’t Worry, Virginia. We Won’t Make You Wait.
Did you know that Assurance Title is licensed in Virginia? And did you know that in Virginia a title company is required to record the deed and mortgage BEFORE they are authorized to deliver Seller Proceeds and Realtor Commission? Read more
No matter how amazing you are at your job, sometimes the most difficult part is finding new business.
Whether you’re a real estate agent or a lender, you’re going to have plenty of competition out there. Buyers and sellers have options, and it’s an uphill battle to get their attention. Read more
The concept of ground rent in Baltimore and surrounding counties may be traced back to colonial times, when investors bought tracts of land from the newly sovereign colonial governments and allowed tenants who otherwise could not purchase land for themselves to make small, incremental rent payments as a less-expensive alternative to land ownership.
This practice may be out of date in today’s market yet most leases renew in perpetuity. Some ground rent holders are registered with the State Department of Assessment & Taxation, many leases holders are unknown.
In the past If the owner of the ground leases couldn’t be identified, we’d have to hold from the seller 3 years’ worth of estimated ground rent payments, plus attorney’s fees, in the event that the ground rent holder suddenly appeared and made a claim.
That typically meant that we’d collect an average of about $700 from the seller to hold in escrow for three years.
Now the state of Maryland has changed its statute and noted that if the ground rent owner has not registered the ground rent with the state, past due amounts may not be demanded.
That means we no longer have to hold estimated ground rent payments or attorney fees, and your sellers’ net proceeds just increased by $700!
Contact us for more information on identifying registered ground rents and how to extinguish an existing ground rent.
The Maryland “Non-Resident” Real Estate Withholding Tax is 8% for Individuals (8.25% for LLCs, Estates and Entities) on the PROCEEDS or GAINS from the sale of a property.
A Full Exemption is possible if a seller can certify any of the special situations listed below. Read more
If you want to close the sale, you have to have a clean title.
It’s not as easy as it might seem.
A clean title means there are no standing claims against the property and that the owner has the full legal right to sell the property. Our job as your title company is to do the digging to ensure that the title is clean and ready for a smooth transfer of ownership.
But often, it’s not smooth at all. Read more
If you’re an agent working toward your first settlement with Assurance Title … Welcome! Our goal is to make your experience as smooth and seamless as possible. It starts with three simple steps:
Reaching the closing table on the purchase of any piece of property is a complex transaction.
You’ll encounter moving parts at every turn, and surprises can pop up at the worst times. But no matter what the transaction throws your way, you can overcome it when you have three key pieces working together.
The buyer’s agent, the lender and the title company.
We can’t stress enough how important it is to have each of these three pillars on the same page from the very beginning. If any one of these entities is going rogue, the whole settlement is suddenly at risk.
But when all three are working together, like a well-oiled closing machine, then there is no obstacle that can’t be overcome. Read more