File Tracking
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FAQ
Close All | Open AllWe would need to review the sales contract to answer this question. Sales contracts typically allocate settlement charges between the parties in some fashion.
More ...Our fille tracking system is the perfect tool for buyers/borrowers to stay on track to the settlement table. The system is accessible around-the-clock, allowing buyers/borrowers and their agents and lenders to monitor the progress of a file through defined stages as various documents are made available for downloading.
It is also useful for sellers to use to monitor the buyer's progress toward closing. One of the most frustrating things for a seller is uncertainty -- has the buyer ordered title services? is my title clear? is the file clear to close? what is my loan payoff? how much money will I net at closing? These issues are easily resolved by logging into the secure system and viewing relevant documents.
More ...A title must be deemed "good and marketable" before the settlement process can continue. The results of the title search identify (among other things): the current record owner of the property; any liens on it; and any limits on how an owner can use the property. Our attorneys will examine and confirm the documents and information in the title search report to determine what—if anything—must be done in order to clear the title to the property so that the buyer can obtain its (and its lender's) goal of "good and marketable" title.
More ...Whether or not you get a survey on your property depends on the type of property you are purchasing. If you are purchasing a condominium, a survey is not required. If you are purchasing a townhouse or single family home, most lenders will require a survey. Surveys are generally not required for refinances, although a survey affidavit may be. For transactions involving commercial property, an ALTA survey will often be required. These projects are costly. Again, if a prior survey exists, this can cut your costs.
If a survey is required, you will have the option of a location drawing or "upgrading" to a boundary survey. A location drawing is sufficient for most residential lenders but it does not mark and cannot be relied upon to establish property boundaries or corners.
More ...Most lenders require a location drawing of the property in order to ascertain that: others (such as adjoining property owners) have not encroached on the property being purchased; improvements on the property neither extend beyond the lot's legal boundaries nor are placed over easements of record; and there are no violations of building restriction lines or other regulatory restrictions.
Our attorneys review the completed drawings, and if any problems are found we work with all of the parties involved to try to find an acceptable solution that allows the closing to move forward.
More ...Title insurance protects against a loss to the lender or the owner in the event that the title to the property is other than as insured. Title insurance is an essential part of virtually every transfer of ownership of residential or commercial real estate. It is purchased at settlement, and the title insurance policies are issued shortly thereafter. Although it can be one of the higher costs of closing, buyers should be aware that it protects them against potentially disastrous losses.
There are two (2) types of title insurance policies: lender's and owner's. Lender's title insurance is required by lenders to protect their interest in the property from possible title defects. Buyers have the option of purchasing owner's title insurance to protect the buyer's investment, which often is greater than the loan on the property. While the lender's policy expires when the loan is paid off, the owner's policy coverage can continue as long as the owner has a vested interest in the property (and depending upon the type of owner's coverage purchased, even longer).
With both owner's and lender's title insurance, there are essentially two (2) levels of coverage, Basic and Enhanced. Some lenders require their coverage to be at the Enhanced level; others only require Basic coverage. Owners can elect whether to obtain Basic or Enhanced coverage, or none at all. Click here for a comparison of Basic and Enhanced owner's coverages courtesy of First American Title Insurance Company. Enhanced coverage (Eagle) is approximately 20% more expensive than Basic (ALTA) but you will see that it covers significantly more risks.
It is important to know that title insurance premiums are paid only once, at the closing. Owners title insurance may be purchased after the closing, but only after another full title search is undertaken and any necessary affidavits are executed.
More ...All parties must bring an unexpired government issued photo identification such as a driver's license or passport to the closing, since Masters is required to verify the identity of all parties. Social Security cards are also required by certain lenders.
Buyers must bring sufficient good funds to consummate the transaction. This is usually done by a cashier's or certified check made out to the buyer and/or Masters Title & Escrow or wire transfer. If the buyer brings more than the amount required to close, Masters will issue a check or wire for the excess.
Buyers should have already provided Masters a completed Choice of Tenancy Form. This form is provided to all buyers named in the sales contract shortly after we obtain a copy of the contract. It instructs us how title will be held and thus how the deed should be prepared. In the event there is a change in plans, we will need another Choice of Tenancy Form signed by all buyers named in the sales contract.
Homeowners who are refinancing and taking cash out and wish to have the funds wired should bring wiring instructions, a voided check or a deposit slip to closing. We recommend you confirm in advance that the bank routing information is correct.
If you are a seller and a non-resident alien (i.e., a Foreign Person as that term is used under the IRS regulations), please immediately alert us to this fact and also expect to have a portion of the sales proceeds withheld at closing. If you are subject to withholding and you fail to so alert us, this will delay the closing.
The State of Maryland requires us to withhold a portion of the sales proceeds from sellers of Maryland real estate who are not Maryland residents (certain exceptions apply). Please click here for a disclosure concerning the withholding. The rates were recently increased yet again.
Except for any items the sales contract obligates you to provide at settlement, such as keys to the property, nothing else is required unless you choose to have your proceeds wired into your bank account—in which case you will need to bring specific wiring instructions for the account to which the funds will be transmitted. If you would like to provide this information to us prior to closing, please ask for an Authorization to Disburse Proceeds form. Alternatively, you may bring a voided check or deposit slip to closing, but you should confirm in advance with your bank that you have the proper ABA# (routing number) for wire transfers. Homeowners who are refinancing and taking cash out and wish to have the funds wired should similarly bring wiring instructions, a voided check or deposit slip to closing.
More ...Unless otherwise agreed, all buyers, sellers, and their respective real estate agents will attend the closing which is conducted by the settlement officer. Lender representatives occasionally attend.
More ...A refinance closing takes approximately 40 minutes and the settlement of a sale / purchase lasts approximately one hour. If any complications arise or if there are several buyers or sellers, it could take longer.
More ...If a buyer cannot attend the closing, a Power of Attorney might be permitted. This entails formally appointing someone such as a spouse or other relative or friend to sign all the documents on your behalf. This person would need to attend the closing in your place and bring proper identification with him or her. However, the use of a Power of Attorney must first be approved by the lender and this is sometimes difficult and time consuming. If a Power of Attorney is permitted, you will need to let Masters know right away who will be attending settlement—and signing on your behalf—so that an appropriate Power of Attorney can be prepared and/or reviewed prior to the closing.
If a seller cannot attend the closing, please notify us as soon as possible, since a Power of Attorney will need to be prepared. This entails formally appointing someone such as a spouse or other relative or friend to sign all the documents on your behalf. This person will need to attend the closing in your place and bring proper identification with him or her.
More ...Included within the subject of "junk fees" that often appear on the HUD-1s created by other title companies are notary fees, courier and/or overnight delivery expenses, wire fees and title binder fees. Generally speaking, Masters does not pass on such costs or charge such fees to our customers.
More ...Our team is in contact with our office network (voice and email) around the clock. Please contact us any time.
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