Here’s What You’ll Need to Sell a Property Owned By an LLC

What do you do when you have a listing coming to the market but the owner is in an LLC? Does anything change? How does the sale work?

We can help. 

When a property is in an LLC, it means that the business is holding the title to the property. While the sale isn’t too different from a traditional owner sale, there are quite a few documents we will request in the transaction. So it is prudent to make sure you let your seller know ahead of time what documents to collect for clearing title. Continue reading “Here’s What You’ll Need to Sell a Property Owned By an LLC”

What to Do When the Owner of Record is in a Trust

Have you ever sold a home where the owner of record is in a trust? What does that mean? How is that different? What does title do differently, and how do you know when a property is in a trust?

A trust refers to the fiduciary relationship created to appoint one party to manage assets on behalf of a third party. This relationship is established between the creator of the trust (the grantor) and the trustee, who holds and administers the property within the trust on behalf of the beneficiary designated to receive the property. The trustee is appointed to administer the trust while acting in the best interests of the grantor.

So how does this transaction differ from a traditional sale? 

Well, the short answer is … it isn’t that different. There are a few things we (the title company) will need in order to begin the sale. We will need a copy of the Trust Agreement from the Seller. This will include names, permissions, and who is the signing agent of the trust.

The sale contract will have the seller’s name as the name of the Trust and the representative of the trust will sign as Trustee. For example: “Trustees name”, Trustee.

For settlement, we will need to verify the separate bank account that is open in the name of the trust.

Whenever a listing comes up that has the owner of record in a trust, the best thing to do is to call Advantage Title immediately. Our Director of Business Development, Jessica Scott, will walk you through the process and ensure that your transaction is handled smoothly and efficiently.

Title Tips for Selling a Home in an Estate

What do you do when your next listing is in an estate? And what does that mean for title?

While selling a property held in an estate is slightly different from your traditional sale, it doesn’t have to be difficult! The best way to sell this kind of property is to be prepared.

When an owner of a home passes away, typically, that home goes into the individual’s estate. The first thing we do is verify the Personal Representative of the Estate by using the Maryland Registers website. Continue reading “Title Tips for Selling a Home in an Estate”

Homestead Tax Credit

Happy One-Year Anniversary!

Now that you’ve lived in your house for a year, you should qualify for Maryland’s Homestead Tax Credit. This credit limits any annual tax increase to no more than 10% a year for a principle residence. As values rise, so will your taxable assessment. So lock in your base value now before you overpay on your future tax bills. To register, you must:

1) Live in the Property for a Year as Principle Residents

2) Receive Your Application by Mail or Call 410-767-2165 to Get the Access Number

3) Apply at https://sdathtc.dat.maryland.gov/

Basic or Enhanced Title Insurance: How to Choose the Right Level of Coverage for You

You have auto insurance in case of an accident.
You have medical insurance for when you’re sick.
You probably even have insurance on your cellphone because what would you ever do without it?

But you’d be surprised how many people ask us, “Do I really need an owner’s title insurance policy?”

Yes. Yes, you do. Continue reading “Basic or Enhanced Title Insurance: How to Choose the Right Level of Coverage for You”

Team Member Spotlight: Linda Stearns

Senior processor Linda Stearns has spent 13 years with Advantage Title. So we know that she’s at her best when she’s facing a challenge. She loves to dive deep, investigate and solve problems.

If you’ve worked with Linda, you know how dedicated she is to her job. But in our Team Member Spotlight Q&A, you’ll learn a lot more about her — we did. That’s why we’ll be cranking up “Feels So Good” by Sonique whenever we want to put a smile on her face. Continue reading “Team Member Spotlight: Linda Stearns”

Selling a Home with Solar Panels? Know the Numbers and Make the Case

Solar Panels Solar panels have been showing up on the roofs and in the yards of more and more homes in recent years. So naturally, more homes with solar panels are hitting the market.

But this raises several questions — practical and financial — that must be addressed whether clients are interested in buying or selling a home with existing solar panels. Continue reading “Selling a Home with Solar Panels? Know the Numbers and Make the Case”

How Tenancy Status is Like Your Relationship Status

Relationship StatusMost of us think of a “Tenant” as a person who rents from a landlord and has permission to use the property. So let’s think of “Tenancy” as owning and using the property.

If it’s just you, then tenancy can be listed as simply as Sole Ownership. If it’s more than one person, a title company will ask how you want to take title? You will be given the options of Tenants In Common, Joint Tenants, or Tenants by The Entireties. Continue reading “How Tenancy Status is Like Your Relationship Status”