Hometown Settlement Services, LLC is committed to providing the highest quality title insurance products and settlement services that exceed our client’s expectations. We are a full service title insurance agency serving the State of Maryland, District of Columbia and Commonwealth of Virginia. We understand that every transaction is unique, and we strive to accommodate each client's specific needs.
We offer both title insurance and real estate settlement services. As part of our commitment to customer service you may close in our office conveniently located in Annapolis, Maryland or in certain cases we can offer mobile closings. We are committed to providing each client with prompt and personalized service and will guide you with confidence through the settlement process.
What is Title Insurance?
Title Insurance is an insurance policy that protects the policy holder should the condition of title be adversely affected. Title Insurance coverage includes: clerical errors in public records, easement issues, forged documents, fraud, judgments, missing or undisclosed heirs of previous owners, survey violations, and unpaid taxes.
What is an Owner’s Title Insurance Policy?
It is a title insurance policy insuring the owner against loss due to defects in the title that are not excluded from the policy. The coverage lasts forever, protects you and your heirs, and continues even after you sell the property. To obtain this coverage you pay a one-time premium at closing. In the event there is claim against your title in the future, the title insurer, without expense to the policy holder, will defend you against any attack on the title to your property as insured.
We encourage you to speak to your closing attorney about the benefits of title insurance to help you understand the importance of having an owner’s policy and the risk you take when you do not have a policy which gives you protection.
What is a Lender’s Title Insurance Policy?
The policy obtained by the lender only covers the lender's interest which is the amount of the loan; never the full value of the home. The lender's title insurance doesn't protect you, the borrower. Although the secured property is the same, the interest of the lender and the interest of the buyer are not. If there is a complete failure of title, without owner’s coverage, you have no protection and would lose both your property and your equity in the property. You could also incur legal fees and any tax penalties assessed against your property. In that same scenario, the lender holding a lender’s policy would be protected from loss. Therefore, we encourage any home buyer to consider purchasing an owner’s policy to protect one of the largest investments that you will make.
What does title insurance cost?
The cost of title insurance varies, but depends mostly on the value of the property and /or the loan amount. An important fact to remember is that you only pay for an owner's policy once--at your initial closing. This coverage remains in effect as long as you have interest in the covered property.
How do I know the exact funds to bring to settlement?
Your closer at Hometown Settlement Services will contact you with your exact closing figure after all information has been received from your lender, realtor, and taxing authority. These funds must be in the form of a Cashier’s or Certified check delivered to Hometown Settlement Services at the closing table.
