FYI From the desk of Jim Murray
This will explain the important work a Title Company Officer does to have a settlement run smoothly.
As a person selling their property you can expect either a phone call, letter, e-mail or fax from a Title Company Officer. This inquiry will ask you for pertinent information which will assist the Title Company in expediting your settlement.
They will ask you to list everyone who is in title to the property giving their names: addresses: zip codes: phone numbers: and social security numbers. They will ask you to indicate any changes in status since originally taking title, such as name change, separation, divorce or death. They will ask you to send them a copy of death certificate, divorce decree, and/or any documentation pertaining to these changes.
They will ask if all Sellers will be present at settlement. If not, will a Power of Attorney be appointed? If so, you will have to indicate the name, address, and phone number of the Power of Attorney.
They will want a list of the Financial Institution(s) holding the current Mortgage(s) and/or Line of Credit (Home Equity) on your property. This will include their names, account numbers, and Customer Service Phone number.
They will ask if your property has a Ground Rent and if so is it a part of your monthly mortgage payments, or do you pay the Ground Rent owner directly? They will ask you to indicate the name, address, and phone number of the Ground Rent owner.
If this is a Baltimore City property they will ask if it is owner occupied or leased. If leased, you will need a copy of tenant's right of refusal.
You will need Homeowner's Association/Condominium information, if applicable. As the name of the Association Management Company/Contact Person: where payments are sent: Phone number: Amount and date(s) due.
They will ask for your signature to obtain permission to obtain payoff information from your current lenders.
Your cooperation in these matters will make your settlement run smoothly.
Sincerely Yours,
Jim Murray
Jim
Murray – Realtor®