Our Services include:
- Complete Full Settlement Services, Residential and Commercial
- Certificates of Title- County requires in order to issue Permits
- Deed Preparation- Martial Deeds, Family Conveyances (Attorney on Staff)
- Prepare Notes and Deeds of Trust for Owner Take Back and Private Financing under the supervision of Staff Counsel
- Title Searches- Complete and thorough Title Examinations-Insuring your Investment through First American
Title Insurance. One of the most reputable insurers in the industry today.
- Title Insurance Issuance- Owner’s and Lenders Policies
- Timely and Efficient Closing Transactions, Purchases, Refinances, Construction Loans, Commercial Loans. We work closely with the client to ensure your Deadlines are met.
Pre- Settlement Process
- Ratified contract of sale: In order to begin the settlement process we must receive the ratified contract of sale in which all parties have signed and agreed to the terms of the contract. Including all addendums to the contract. Please include name and contact phone number or email of lending institution providing the mortgage financing.
- Title: Our abstractor’s research the title at the appropriate county’s Land Records to insure the Title is free and clear in order to
convey to the new owner. We also establish who the legal owner of the property is. All liens will be addressed if found and all mortgages paid off.
Also, judgment reports are ordered to ensure there are not any outstanding Federal or State Liens, such as Bankruptcy, Tax Liens or other items that are recorded in the Land Records which attach to the property which need to be paid off.
- Survey: It is the practice of most lending institutions to require a survey of the property to show the location of dwellings and other structures within the property boundaries. The buyer wishes to purchase a Location Drawing which typically is allowed by most Lending institutions and most cost effective, however the buyer has the option to purchase a Boundary Survey which indicates the property boundary lines and markers and is quite costly to purchase. Contact our office for pricing on both.
- Title Review: The title report is thoroughly reviewed by our experienced management team before a final report is issued. The facts revealed by the search of the land records will determine the following matters: legal owners who have the power to sell, open mortgages, judgments, or similar liens which must be satisfied before a “clear” title can be conveyed over to the new buyer. Existing restrictions, easements or rights of way for roads, public utilities, etc. which limit your rights to the use of the property, or grant rights to others who are not owners. The status of property taxes and other public or private assessments. At this time a Lender’s Title Insurance Binder will be issued.
- Settlement Documents: In addition to the title search Freestate Title Services of Annapolis is responsible for the preparation of all documents necessary for the transfer of title, financing and settlement. Documents, which include the Deed, Settlement Statement and all related, papers necessary for the transaction.
- Closing Day: The day of closing we handle the transfer of all appropriate funds between buyer and seller, lender and all other interested parties. The parties are assembled at a time and place most convenient to everyone, papers are reviewed, executed and exchanged, and all financial matter appropriate to the purchase are set out fully for review and approved by all parties. The title company assumes the responsibility of collecting all funds necessary for the transfer, and the prompt and accurate disbursement of such monies.
- Recording of Legal Documents: The title company is responsible for all Legal documents to be recorded in the appropriate County Land Records. The legal documents must be filed, the mortgage loan reported to the lender, and all outstanding debts paid in full as required, mortgages released or recorded and the title policies prepared and sent out.
- Title Insurance: The Title Company issues an Owners policy as well as Lenders Policy along with the recorded Deed.
- Recording of Legal Documents: The title company is responsible for all Legal documents to be recorded in the appropriate County Land Records. The legal documents must be filed, the mortgage loan if applicable paid off, and all outstanding debts paid in full as required, mortgages released or recorded and the title policies prepared and sent out.
- Title Insurance: The Title Company issues an Owners policy as well as Lenders Policy along with the recorded Deed. Title Insurance is designed to protect both the Owner and the Lender, who will require you to purchase a policy on their behalf, against any title defects which are not otherwise excepted from the policy. The title insurance binder fee and premium, which is paid at closing, is a one-time charge and will protect the Owner for as long as they own the property.