Greenbook: A Local Guide to Chesapeake Living - Issue 9 | Page 46

on the sales price in conjunction with the loan amount,
if any. 5) Calculate the Title Insurance Premiums
using the applicable rates for the subject property State.

issued, release documents obtained and recorded with
the County, and all checks issued from closing have
cleared the Escrow account: Voila!

After all of this information is gathered, it’s combined A successful Closing is complete! As I stated earlier,
in the form of a Preliminary CD, and then sent to the many States choose to divide all of these duties to
Lender. The Lender will then take that information, three different companies, creating a tremendous
incorporate fees that they are charging the buyer, add expense, and many layers of confusion as to who is the
the buyer’s interest rate & payment amount, and Good responsible party in a given transaction. Luckily, in
Faith Estimate figures for comparison to create the Maryland, you have one place to assist you with all of
Final CD. The Title Company will then review this your Closing, Title, and Escrow needs! Stay tuned for
Final CD for errors, and give approval.
our article in the next issue of GreenBook, when we
After closing, the Title Company distributes all funds explain Title Insurance.
in connection with the closing, to the applicable parties.
This includes monies received from a borrower’s
Lender, as well as any fees due from the buyers and/
or sellers. Once all funds have been received, the
Title Company issues checks to the Realtors® for
commissions, State and Local Authorities for taxes,
as well as miscellaneous fees for home warranties,
homeowner’s insurance, location surveys, repairs, etc.

About the Author: Victoria Jarboe is the Vice President of
Legends Title Group, LLC, whose main office is in Crofton,
Maryland. She has worked in the Real Estate Title industry
for over 23 years, with 16 years of management experience
in that field. She is a Licensed Title Producer in Maryland,
and Florida.

In a nutshell, after Closing has occurred, all signed
documents have been recorded, title policies have been

1 Year FREE HOME WARRANTY *
Coupon Code: #GoGreenBook

*Must purchase an ALTA homeowner's title insurance policy
from Legends Title Group (LTG)at regular rate as filed with the
Maryland Insurance Administration.
The home warranty company will be selected by LTG. May not
be combined with other offers. Warranty is only good for the
first year of home ownership. If seller is required to purchase
home warranty as part of the purchase agreement, LTG will
collect from seller, and coupon will not apply.

LegendsTitle.com • 2200 Defense Hwy Suite 309 • Crofton, MD 21114 • 410-451-7100
46

Your Closing is Going to be… Wait for it… Legendary!

GREENBOOK | FALL/WINTER 2016