The MarketPlace Title Difference: MarketPlace Title is committed to providing unmatched professionalism and superior service. Where is MarketPlace Title’s high standard of quality service most apparent?
For Homebuyers and Sellers: On-Staff Attorneys Knowledgeable, Experienced and Accessible Staff Competitive Title Fees Rapid Turn Around Time Personal and Courteous Service Pre-Settlement Consultations Preliminary HUD-1 Preparation Prior to Settlement Flexible Scheduling Efficient and Hassle-Free Settlements A Strict Privacy Policy Powers of Attorney Preparation Contract of Sale Preparation Full 60 Year Title Searches State of the Art Technology Comprehensive Title Software For Real Estate Agents: Preliminary HUD-1 Preparation Prior to Settlement Direct Computerized Access to Maryland Land Records Deed Transfers and Retrieval Capabilities Continuing Education New Agent Settlement Orientations Direct Agents for Stewart Title Guaranty For Lenders: Preliminary HUD-1 Preparation Prior to Settlement Flexible Scheduling Title Commitment Preparation within 5-7 Days of Your Order Direct Agents for Stewart Title Guaranty
Settlement: From Beginning to End The settlement process is governed by the Real Estate Settlement Procedures Act of 1974. Settlement is the formal process of transferring the title (property ownership) of real estate from a seller to a buyer. The settlement can also provide a Lender (if any) a financial interest in the property until payment of the loan obligation is fully satisfied. 1. Opening the File triggers the beginning of the settlement process. A location survey, title and judgment search and lien certificate (if applicable) are ordered to identify the ownership interest in the property and the existence of any possible encumbrances on the property. 2. Title Examination is the next step in the process. Once the abstract (the “title work”) and survey are received, our knowledgeable staff members do a thorough review to confirm that property ownership is accurately identified, all outstanding judgments and/or liens are satisfied, and the lot is not encroaching upon the borders of any neighboring properties. 3. A Title Insurance Commitment (sometimes called a “Binder”) follows from the results of the title examination. This is a document prepared by our staff for required submission to the Lender providing assurances against title claims relating to the property and that specifically, subject to certain approved exceptions, a title insurance policy will be issued for the Lender at settlement. All this preparation must be completed by the settlement date. 4. Mortgage Documentation is released to MarketPlace Title upon acceptance of the conditions of the Title Insurance Commitment. The Mortgage documentation (the “closing package”) includes specific instructions on Lender and other vendor fees to be collected at settlement, the documents and manner in which they are to be executed, and any other applicable settlement requirements. 5. The HUD-1 Settlement Statement (the “HUD-1”) is then prepared based on figures provided in the Lender’s specific instructions, property taxes, state and county transfer and recordation fees, title fees, and any other necessary concessions or charges. Once complete, the HUD-1 is submitted to the mortgage professionals for approval and the buyer(s) and seller(s) and/or the real estate agents for final review before closing. 6. Settlement Day has arrived! One of our experienced and efficient settlement attorneys or licensed settlement agents will be there to guide the buyer(s) and seller(s) through this part of the settlement process by explaining the related settlement documents, facilitating the execution of the documents and addressing any questions or issues the parties may have along the way. 7. After settlement, the Mortgage Closing Package is Disbursed and Returned to the Lender or the mortgage company by our capable post-closing staff within 24 to 48 hours ensuring that all related parties to the settlement are promptly compensated. 8. Recording of the Deed and the Mortgage in the Appropriate Courthouse is one of the final and very essential steps in the settlement process indicating proper conveyance of legal ownership of the property from the seller(s) to the buyer(s) and signifying the existence of a lien against the property. (A lien grants a financial interest in the property to the Lender until the loan is repaid.) 9. Issuance of the Owner and Lender’s Title Policies completes the settlement process and ensures protection of both the buyer(s) and the Lender’s legal interest in the property. Real Estate Agent/Homebuyer Settlement Preparation Guide:     Send MarketPlace Title a clear copy of contract of sale with addenda via facsimile or email. Inform MarketPlace Title if Buyer(s) are first time Maryland homebuyer(s).* Notify MarketPlace Title if the Buyer(s) are going to be owner-occupants.* Inform MarketPlace Title if the Seller(s) are out of the state and require closing documents to be sent to them prior to settlement. Prior to settlement, advise MarketPlace Title and the Lender if either Buyer(s) or Seller(s) will be utilizing a power of attorney. Inform MarketPlace Title of the earnest money deposit amount, commission split, and administrative fees to be collected on the HUD-1. Advise MarketPlace Title if any special City/County incentive programs will be involved in the purchase and/or if a seller contribution will be given at closing.* If applicable, supply Homeowner's Warranty application and/or Termite Inspection Report with invoices to MarketPlace Title. Bring originals to closing. NOTE: If infestation is demonstrated in the report, Lender will need written verification of adequate treatment measures. If the report shows damage, Lender approval will necessitate a licensed contractor to repair all damage and prepare written documentation of satisfactory completion of repair specifically evidencing the property’s structural soundness.* Fax any outstanding repair invoices and payoff information to MarketPlace Title to be calculated on the HUD-1. Instruct Buyer(s) to bring a copy of driver's license, a certified or cashier's check payable to MarketPlace Title as well as homeowner's insurance policy documentation and receipt. Attend settlement and let MarketPlace Title take care of the rest! *Such information can be found on the Agent Information Sheet MarketPlace Title will be sending to you upon receipt of the Contract of Sale. Please complete this form and return to MarketPlace Title as soon as possible. Thank you.

Title insurance is an insurance policy which insures against loss from defects in the title to real property (land). There are two basic types of title insurance: Owner’s Coverage and Lender’s Coverage. An owner’s policy insures a purchaser that the title to the property is vested in that purchaser and is marketable. It also insures that the title to the property is free from all defects, liens and encumbrances except to that which the policy takes exception. The liability coverage of the owner’s policy is usually the purchase price of the property. An owner’s title insurance premium is paid only once and the coverage lasts as long as the insured continues to hold an interest in the property. Should the insured die, the coverage automatically continues for the benefit of his/her heirs. Also should the owner sell the property but provide a mortgage to finance the purchase the property for the new buyer, the original owner’s security interest in the property will remain covered.

A loan policy, also called mortgagee title insurance, protects a Lender’s interest in their real estate investment. Like an owner’s policy, this type of policy also insures the title to the property is not subject to defects, liens and encumbrances and that title is marketable and in the mortgage loan borrower’s name. This type of coverage typically follows the assignment of a mortgage loan and affords lenders the opportunity to make mortgage money available to purchasers in locales with unfamiliar markets.

Why is it Important that I have Title Insurance?

When you purchase a home, what you may not realize is that what you are actually purchasing is the title to the property instead of the land itself, and with that homeownership comes certain rights - the right to use and occupy the land upon which your property is situated without limit by rights and claims asserted by others. You, the homeowner, deserve the property you purchased to have the title condition you expected when you settled the transaction - free from defects in title, or debts, liens or encumbrances not initiated or endorsed by you, the purchaser. Title insurance is devised to protect these rights. Upon discovery of a claim believed to be adverse to title, you should contact the title insurer or the title agent who issued your policy for assistance. Also, as an owner it is advantageous to have owner’s coverage because a lender’s policy only covers the amount of its loan, which is usually not the full value of the property. Consequently, in the event of an adverse claim, a lender’s concern will not go beyond coverage for the scope of their loan and its possible non-performance, and focus on the individual homeowner as well.

How is Title Insurance Different from Other Types of Insurance?

Unlike other insurances where an insured is indemnified against loss that may occur at a future date, title insurance insures against loss caused by title defects that already exist from a past occurrence. Consequently, a major role of a title company becomes title examination - a process by which any defects or adverse interests on the title are cured before settlement takes place. Any items that are not curable, the insurer will take exception to in coverage.

• Forged deeds, mortgages, satisfactions or releases of mortgages and other instruments.
• False impersonations of the true owner of the land.
• Instruments executed under fabricated or expired power of attorney.
• Deeds by minors or persons of unsound mind.
• Duress in execution of instruments.
• Defective acknowledgment due to lack of authority of notary.
• Misinterpretation of wills, deeds or other instruments.
• An unknown heir of a previous owner claiming ownership of the property.
• Deeds to or from corporations having been incorporated after surrender or forfeiture of charter.
• Mistake in the public records.