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national title: Important Info For Out-of-state Sellers - 05/27/08 11:40 AM
Please be advised that recent changes to the top margin State income tax rate for individuals have the effect of increasing the withholding required for sales of property by nonresident individuals.  
Effective July 1st 2008, withholding for nonresident individuals has been increased from 6.75% to 7.5% in the state of Maryland. (The rate remains at 8.25% for nonresident entity withholdings.)  
Deeds dated and fully acknowledged prior to July 1st but recorded after July 1st will be subject to the current 6.75% rate.
So if you have a listing with a seller that is not a resident of the state of Maryland, … (1 comments)

national title: Simplified Disclosures... Problem Solved? - 03/17/08 08:11 AM
HUD released a new RESPA reform proposal which includes a standardized Good Faith Estimate.
Technically this is an old reform proposal as they attempted the introduction of the 3-page GFE in 2002, but where met with heavy resistance.  They estimate this could save borrowers an average of $668 at settlement or $8.35 billion per year.
The new GFE would include: the interest rate, monthly payment, loan terms, origination charges, settlement charges, and disclosure of any yield spread premiums. Here is a sample of the new GFE:
http://www.hud.gov/offices/hsg/sfh/res/200803/5180HUD1.pdf
HUD believes the new GFE would make it easier for borrowers to shop around. The savings that borrowers will receive … (2 comments)

 

Chris Breck, Advantage Title Company

Baltimore, MD

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Advantage Title Company - Nationwide

Address: 809 Gleneagles Court, Suite 101, Towson, MD, 21286

Office Phone: (410) 494-0380 x 101

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