Common Title Liens That Could Sneak Up On You

If you want to close the sale, you must 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. Continue reading “Common Title Liens That Could Sneak Up On You”

Yes, You Can Sell a Home Owned by a Corporation

If you are selling commercial property, it is likely that you have sold properties held in a corporation. Advantage Title has a strong commercial side and is capable of handling your commercial deals as well.

However, it is still possible to have a residential property be held in a corporation. So what do we need to know when the owner of record is a corporation?

Let us help.

The first thing we will need is a copy of the Articles of Organization, a copy of the Bylaws, the EIN # for the corporation, and a Certification of Resolution. The Certification of Resolution will tell us who has the Signing Authorization for this property. Once we have these documents, we will verify that the cooperation is in good standing with the state.

For the contract of sale, the seller will be the name of the corporation. The seller will sign as “*Name, Officer, Name of Corporation.*” For example, “Jessica Scott, President, ABC Company.”

At settlement, we will disburse funds into a separate bank account for the corporation.

That’s it! The rest of the transaction will proceed as normal. As always, feel free to call or text Business Development Manager Jessica Scott at (443) 487-1584 to guide you through the process.

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”

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”

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”