realtors: The Affiliated Business Arrangement Addendum- What it really means to you - 01/03/12 07:24 AM
When a buyer or seller is presented with a standard contract of sale that contract can now far exceed more than 40 pages.  Among those pages is often found a page titled "Affiliated Business Arrangement Disclosure Statement"
It is not at all uncommon for the Realtor to present the contract of sale to the buyer/seller and to simply point and say "sign here, here, here and initial here, here, here."  More often than not buyer/sellers will do just that without bothering to read any part of the contract, or alternatively, simply reading what they feel to be important to them, such … (22 comments)

realtors: Should I make my blog more FLUFFY? - 07/14/11 08:22 AM

I haven't been blogging much lately on AR.  I became somewhat disenchanted with AR for a while because some of the blogs that were featured seemed to be just FLUFF.  By that I mean that they seemed not to impart any particular wisdom but rather just seemed to be posted for purposes of creating a blog for the day.
I do blog almost daily on other sites, these are mostly professional sites and my blogs are geared to those professionals who are driven to those sites. 
I need to make my AR blog more appealing to Realtors and to consumers, … (39 comments)

realtors: You've done your job!! It's time for the closing. What is your ROLE at closing? - 07/13/11 08:57 AM
  The realtor plays a very important role in the settlement transaction.  It is the job of the realtor to assist the buyer in obtaining financing, assist the buyer in getting inspections done ordering title work and ultimately getting the deal to closing.
 Ultimately of course, you want this deal to close and you want to collect your commission check. YOU EARNED IT.  
The realtor should always attend the settlement.  The buyer may have questions that the title agent cannot answer.  You have been involved in the transaction from the very beginning and you have … (0 comments)

realtors: Getting back in the RAIN and I need some HELP - 04/11/11 08:51 AM
I have been very lax in posting for about the last month or so.  It's not that I haven't had anything to say, it's that I have been busy with some other things that have just been all consuming.
I have been invited to speak at the National Settlement Services & Compliance Summit to be held in Cleveland, Ohio on June 7-8.  What an honor to have been invited.
I will be presenting on the state of foreclosures and how they impact our industry.  In particular how difficult is it to insure title on foreclosed properties, what the future holds as far … (3 comments)

realtors: I DIDN'T MEAN TO, BUT I THINK I QUIT SMOKING!! - 02/23/11 08:34 AM

I have been a smoker for my entire adult life, spanning more than 25 years now.  I have smoked upwards to 1 1/2 packs of cigarettes a day for at least the last 20 years.  That is a serious lot of smoking and no small amount of money wasted over the years.  At $65 a carton, smoking a carton a week I spent about $260/month on something that was killing me, affecting those around me and generally making my life a living hell. 
I have repeatedly tried to quit smoking by making New Year's Resolutions, promises to my self and others … (4 comments)

realtors: Is it a conflict of interest or do I represent a threat to your ABA? - 12/15/10 10:50 AM
I sat for 60 hours in class, took and passed the state licensing exam and am now prepared to proceed onto acquiring my real estate license (again).  
I had an appointment with a national brokerage yesterday and the office manager was a very nice lady who was so very excited about my having 20+ years experience behind me as a title agent and she was excited to hear that I have lots and lots of contacts in the industry. 
AND THEN SHE SAID.... "While I know that you would be an asset to our organization, we cannot allow you to sign … (4 comments)

Realtors' Duty to Disclose in a Short Sale by Robert Franco | 2010/11/27 |
Mr. and Mrs. Holmes saw a house listed for sale in Huntington Beach, California on the Realtors' Multiple Listing Service with an advertised price of $749,000 to $799,000.  The listing indicated that the "seller was motivated."  The Holmes made an offer, and after a counter-offer they agreed to purchase the home for $749,000 with a 30-day escrow.
In order to close on this purchase, the Holmes sold their house. What the Holmes did not know was that this was a short-sale involving three lenders and a total … (0 comments)

realtors: Are you "Practicing Law" ? - 07/23/10 03:53 AM
I read an interesting article today at Source of Title written by Robert Franco.  Mr. Franco brings up a very good point, one that I think most Realtors don't consider when trying to help a friend or family member in a FSBO transaction.
I have seen, in my role as a title agent, situations where the Realtor has provided a blank contract of sale as well as the necessary addendum for lead paint, FHA financing, etc. One would assume that the Realtor probably reviewed the contract with at least one of the parties to the transaction.  
Mr. Franco brings up a … (0 comments)

realtors: SO YOU WANT TO BE AN INDEPENDANT - 06/02/10 07:37 AM
Yes, I am a proud independant title agent. I love that I answer to no one other than myself (and of course the underwriter) and that I make decisions based on my experience and work ethic when it comes to issuing a title policy for a consumer. 
So, having said that, you may wonder as to the title of this discussion. I have absolutely no intention of joining or forming an AfBA but I am seriously concerned about the future of independants in today's market.
Over the last 2 months I have made a very dedicated effort to gain a foothold … (0 comments)

realtors: THIS IS JUST ABSURD - 04/16/10 08:04 AM
Chase Home Mortgage wants me to pay off their loan, and then.......
  .....they will give me a release. However, there is nothing available to release!!
The situation arises out of a transaction wherein my seller acquired a loan with (presumably) Chase. They did their entire transaction on-line.  The lender elected to use a national closing company which in turn used a local notary public to "conduct the closing".  The notary in turn sent the original documents back to the national closing company and that's where the trail ends. 
It turns out that the Deed of Trust securing this debt has never … (3 comments)

Upon review of title we found one open mortgage.   As a matter of practice we send a letter to the seller inquiring as to the account number and contact information for their mortage holder and asking that they sign a statement authorizing us to obtain a statement of payoff. 
In the instant case we received the letter back from the seller and TWO mortgage payment statements. I immediately went back and researched the title again and still found only ONE mortage recorded in the land records securing this property.
We called the seller and the seller advised that that had taken … (2 comments)

realtors: Does the seller really own that property you want to buy out of foreclosure and if they do, do you really want their title agent to conduct your closing? - 04/13/10 07:44 AM
I realize that this is not Monday, but seriously it feels like it.  You know how Monday's can just aggravate the hell out of you? Well that is the kind of day I am having today.
The day started with a query from a listing agent on a property that was being "sold" by Fannie Mae and the buyers agreed to use the seller's title agent for closing services.   The property was to have gone to closing on Monday of next week, BUT, it turns out that the foreclosure attorney made a mistake in the foreclosure and ended up having to … (0 comments)

realtors: ABA'S IN THE REAL ESTATE BUSINESS - 04/02/10 05:50 AM
I took a call from a local auctioneer and investor today
He called to see if we were interested in acquiring new business.  Well what small independent title agent is not interested in acquiring new business? 
His first question to me was "do you have the forms necessary to form an ABA?" I responded that we did not and that I was not interested in forming an ABA. He then took on quite an attitude with me! He stated that he has been averaging 900 deals a year and that he was looking for a new title agent and queried … (0 comments)

realtors: BOA STRIKES AGAIN via SCOTT L. PERRY- Source of Title - 03/11/10 02:51 AM
Well, the 'net is buzzing once again with news of the latest screw-up by Bank of America.  Seems that they took possession on the wrong house...again.  My question is: how does a thing like this keep happening with the same company over and over again?
This time, it's Angela Iannelli of Gibsonia, PA just north of Pittsburgh who is the victim of BoA's gaffe.  But she's not taking things lying down and has filed suit against the bank."If you or I did to Bank of America what Bank of America did to my client, we would be in prison for 10 years," says attorney Michael Rosenzweig, a … (2 comments)

Old Republic Title has announced a new rate increase for the State of Maryland that will become effective on April 1, 2010.  This rate increase is cosistent with the rate increases that were granted to all other major title underwriters here in Maryland.  On April 1, 2010 the rates will be published and I will provide the link to those rates as soon as they are available on-line. 
Of important note with the new increase is the information relating to re-issue rates.  As you all know a title policy MUST be given reissue rates, if applicable.   
The guidelines for qualification for reissue … (0 comments)

realtors: FANNIE MAE ADDENDUM FOLLOW UP - 03/02/10 06:33 AM
Thanks to all of you who have contact me recently asking if I can provide a copy of the new addendum.  While I am always happy to share I hesitate to provide a copy of the addendum since I am not sure whether or not other jurisdictions have additional provisions.
For those of you who are able to access eFannieMae, I think you may be able to acquire a copy there. If you are not able to access eFannieMae, please contact a local Fannie Mae listing broker.  They will be able to provide the copy specific to your jurisdiction.
Thank you … (2 comments)

realtors: ACCIDENTAL RELEASE - 02/23/10 03:12 AM
I took a call yesterday from a "servicing company" in California relating to a property here in Maryland.  Their question to me was one I had never bad before. It seems that they accidentally released a Deed of Trust in the local land records and they wanted me to tell them how to get the Deed of Trust re-recorded.  The larger problem is that they did not want the borrower to know that they had accidentally released the DOT.
I was pretty sure of the answer but went ahead and called the clerk's office anyway and was advised that the borrower would … (0 comments)

realtors: AIG IS AT IT AGAIN - 02/02/10 01:26 PM
Well, I guess you know I just have to comment on this!
In an article in today's Washington Post written by Brady Dennis it has been announced that AIG is planning on issuing bonuses to employees of their Financial Products Division, with an additional tens of more millions worth of  bonuses to be paid out in March. Some of the employees who stand to benefit by these bountiful bonuses don't even work for AIG any longer, but yet......
We are reminded by Mr. Dennis that "the Financial Products Division is the unit whose risky derivatives deals brought the insurer to the brink … (2 comments)

CHARLENE PERRY, CLTP, Insuring the Past to Protect Your Future (Key Title Corporation)


Insuring the Past to Protect Your Future

Perry Hall, MD

More about me…

Key Title Corporation

Address: 35 Fulford Avenue, Bel Air, MD, 21014

Office: 410-803-4800

Mobile: (410) 456-7157

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