Legislative Revision Makes It Easier to Buy and Sell Homes with Ground Rent

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. Continue reading “Legislative Revision Makes It Easier to Buy and Sell Homes with Ground Rent”

5 Tips to Winning Repeat Clients and Referrals

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. Continue reading “5 Tips to Winning Repeat Clients and Referrals”

Applying for a Withholding Tax Exemption? Here’s What You Need to Know

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. Continue reading “Applying for a Withholding Tax Exemption? Here’s What You Need to Know”

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”

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”