Md Title Insurance
General Warranty Deed
ALL predecessors in title have done nothing to cloud title
Schedule A Lender policy
Who what when
Location Survey ( drawing)
used to locate the improvements within property lines. NOT property lines accurate within 1 foot
IRS Tax Lien
10 years from date of assessment
HOA and Condo Liens are enforceable for:
12 years from the date of recording
A judgement in favor of the United states is enforceable for:
20 years from date of entry
Subordination Agreement
Allows the creditor to take te place in priority
Binder
An offer of insurance with terms of acceptance
Sections of a Title Insurance Commitment
Commitment Jacket(Preamble and Conditions) Schedule A Schedule B Section 1 ( Requirements) Schedule B Section 2 (Exceptions)
ALTA 4
Condominium Endorsement
Title Policy Jacket sections
Covered Risks Exclusions Conditions
Intestate
Dying without leaving a legal will
ALTA 8
Environmental Portection Lien - Land used for residential purposes
Schedule B 1 lender
Exceptions
Schedule b 2- owner policy
Exceptions
Quickclaim Deed
Gives No warranties (Red Flag)
Tenancy by the entireties
Legally married couples
ALTA 7
Manufactured Housing Endorsement
Special Warranty Deed
Most Common in MD- Grantor guarantees they did nothing to cloud title during their ownership
MD Tax Liens and Judgments in favor of MD is enforceable for
No statue of limitations
ALTA 5
Planned Unit Development Endorsement (HOA)
Fidelity Bond
Protects Employer against acts of employee
Schedule B1 - owner policy
Requirements
ALTA 9
Restrictions, Encroachments, Minerals
Subrogation
Step into the shoes of insured
Schedule b2 lander
Subordinate matters
Insurance Twisting
Substituting the insured existing coverage with differing detrimental coverage
Joint Tenancy
Two People own property and reserve rights of survivorship: PITT OSSESSION iNTEREST tIME tITLE
Tenancy in Common
Unequal percentage ownership - No rights to survivorship
The Boundary Survey
Used to specifically locate property lines
ALTA 6
Variable Rate Endorsement/ Mortgage has an adjustable interest rate
testate
dying WITH a legally valid will
Trustees Deed
gives no warranties of title
Surety Bond
protects teh public against settlement company owner who steals from escrow account
Schedule A- owner policy
the Who What Where
Endorsement
to expand or limit coverage