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What Does a Home Inspector Look for Outside the Home? 

It’s often easy to forget that when purchasing a home, the outdoor structures are just as important to be inspected as the home itself. The inspector will look at the condition of everything on the grounds from sheds to retaining walls.  

General Landscaping 

No, an inspector won’t assess how immaculately kept the landscaping is; however, they will check to make sure plants like trees and shrubs are in overall good health. They will also ensure pathways are easily accessible and identify any spots with standing water concerns. 

Home Structure 

A building is more hazardous than a home if it doesn’t have a solid structure to support it. The inspector will search for damage or flaws in the walls all the way down to the foundation itself. If the inspector notes problems with things like bent walls or cracked foundation, you may want to reconsider purchasing.  

Roof 

You’ll thank your inspector for overseeing the condition of the roof, especially during harsh weather like rain and snow. They will make sure everything is sealed down tight and that there are no defects in the roof that cause leakage or poor insulation. This part of the inspection includes shingles, gutters, chimneys, and even skylights.  

Exterior 

The exterior of the home includes everything from the siding and trim to the windows and doors. The inspector will examine the state of the siding and frames while also looking for any signs of rot. They’ll also make certain all openings are securely sealed, an important part of keeping energy bills low. 

What About the Inside of Your Home?

Just like the exterior structure of the home, the interior also needs to be inspected. Once again things like structural damage and flaws to the walls will be on the inspector’s list, as well as the addition of proper insulation. 

Heating, Ventilation, and Air Conditioning (HVAC) 

The inspector will determine if there are any issues with your HVAC system regarding everything from carbon monoxide leaks down to the overall working order of it all. It’s important to note, however, that inspection of heating and cooling systems are typically done only in the appropriate months. So, if you’re getting an inspection in Summer, be aware that you may not receive a report on heating. The same goes for cooling in the colder seasons.  

Electric 

There is nothing quite as annoying as flicking on a light switch only for nothing to happen. That is why a home inspector will review that all wiring, outlets, and switches are correctly functioning and that the electrical box is operational. For rooms like the kitchen and bathroom, the inspector will verify that there is ground-fault circuit interrupter protection for any outlet within 6 feet of a sink.  

Plumbing, Sewage, and Water Damage 

If it’s connected to a pipe, it will most likely be inspected. Inspectors will oversee that there are no issues with water flow, pressure, and temperature, as well as sufficient drainage and flushing. They will also keep an eye out for any leaking pipes and possible water damage. 

Purchasing a new home is an exciting and important milestone in a person’s life. That’s why it’s so crucial to thoroughly think through everything before making a final decision. Don’t regret purchasing a home. Schedule a home inspection and open your eyes to all the facts.  

The post What Does a Home Inspector Look For? first appeared on Express Title Company.

Want to Learn More about the Different Types of Title Insurance Policies? Click Here 

Our 8 Musts for Fall Home Maintenance 

Whether you’re a longtime homeowner or this is your first autumn in your new home, following these tips will help you know what to do. 

Tip 1 – Seal Air Leaks

The cold weather means higher heating bills. However, the simple task of sealing air leaks on your doors and windows can help you reduce your heating bill and keep the cold air and moisture out. Go around your house and identify gaps and cracks that allow drafts. You can use a candle and hold it up to windows and doors and see if the flame flickers. If it does, then that means there is a gap there. Just be careful when handling the fire.

Tip 2 – Clean Gutters

Cleaning your gutters will ensure that rainwater and melting snow can flow from your roof. If rain runoff is trapped in your gutters due to the debris, then it could cause greater issues to your roof. Safely remove leaves, dirt, and any other debris from your gutters. Once the debris is removed, rinse and flush the gutters with a regular garden hose.

Tip 3 – Inspect Your Roof

While cleaning your gutters, be sure to also check the roof itself for any debris like large sticks or any overgrown tree branches that may fall or puncture your roof. Also, examine for damaged or missing shingles to prevent further damage from leaks. With that in mind, if you can’t access your roof to see if there is any damage, you can also check your attic space and see whether the rafters are broken.

Tip 4 – Check Your Furnace

Now is a great time to get your furnaces before the temperatures dip. You should replace the air filters in your furnace to extend your furnace’s life, reduce your energy bill, and improve indoor air quality.

Tip 5 – Examine Your Humidifier

With winter weather comes dry air. The lack of humidity can be harsh on your skin and lungs, and it can cause wooden structures in your house to become susceptible to cracking. If you already have a humidifier, now is a great time to check to make sure it’s ready for the months ahead.

Tip 6 – Remove Garden Hose

Once the roof and gutters are clean, your garden hose can be stored for the season. Removing your garden hose before the cold arrives prevents ice from forming from within the hose and your home’s water line. Because the ice expands, this could cause the hose as well as the pipes inside your house to burst.

Tip 7 – Prune Plants and Trees

Before the winter cold comes, get your plants ready for the harsh weather by pruning them and removing any dead branches or buds. For plants that are prone to the cold, cover them with sheets of burlap or canvas or relocate them.

Tip 8 – Fertilize Your Lawn

Fall is the best and most important time to fertilize your lawn because supporting root growth in the fall makes the lawn healthier and greener in the spring. The fall has morning dew that provides moisture that helps the grass absorb the fertilizer, which helps the grass withstand the harsh winter.

Whether you are a new or experienced homeowner, take time to prepare your home for the coming winter. Even a little maintenance effort for your home will benefit you as you will lower your utility bills and prevent major repair bills down the road.  

The post Hello Autumn: 8 Musts for Fall Home Maintenance  first appeared on Express Title Company.

Find out What Escrow is in Real Estate 

How This Law Change Impacts Maryland Real Estate Agents 

 According to the Senate Bill 425: 

Authorizing a licensed title insurance producer to pay compensation for the provision of real estate brokerage services to associate real estate brokers, real estate salespersons, or certain business entities on behalf of a real estate broker in accordance with written disbursement authorization provided by the real estate broker. 

This new law change provides an understanding that title companies can pay compensation to real estate licensees on behalf of the real estate broker, along with a written disbursement authorization provided by the real estate broker. This allows the continuation of the “pay at the table” option that is provided by some real estate and title companies, including Express Title.  

Contact Express Title Today! 

In Maryland, this new legislation has changed the way real estate agents get paid, which means by October 1, 2022, Express Title Company can pay agents directly at the time of closing, with of course the permission of the real estate broker.  

Express Title is a multi-jurisdictional settlement company that conducts real estate closings. We know that successful real estate agents rely on knowledgeable and experienced title insurance professionals. Our team is prepared to exceed expectations and help realtors and homeowners get through the transaction process efficiently. We invest and provide guidance to help you succeed. Contact us Today! 
 

The post Maryland Law Change to Benefit Real Estate Agents  first appeared on Express Title Company.

 Click Here to Find Out the Top 4 Benefits of Homeownership 

Common Real Estate Scams

1. Escrow Wire Fraud  

This happens when fraudsters get ahold of an email or phone number and give instructions on where to wire money. There are fake websites created by scammers to make them seem legit. Therefore, it is important to carefully read through information regarding payment for an indication of fraud. For example, a fake document may try to impersonate our website as exprestitle.com when it’s actually expresstitle.com. Did you spot the difference? Just one “s” was missing, and this vital detail could lead you to a fake site run by cyber criminals.   

The best way to protect yourself from this type of scam is to review the original documents you received from us and your lender. Also, don’t click on links or messages without verifying that they are real by comparing them with original documents.   

2.Fake Listings and Rental Scams  

When searching for a home, you can find one you like with images and an address provided. However, some scammers can post pictures of properties that don’t exist, aren’t available, or aren’t owned by the person listing them. These scammers may charge you to see the house and disappear once they receive the money. Other scammers might charge buyers for the house without the chance to view it in person. Once the scammer receives the money, they disappear, leaving the buyer losing a huge sum of money for an unavailable house. And surprise, surprise! The seller won’t respond to the email.  

How to prevent this? First of all, always be cautious when making these kinds of purchases. Before starting any business dealings, verify that the seller indeed owns the house by conducting research online. Verify that the real estate agent is legitimate by taking a picture of their license and researching them online. Always see the house, the real estate agent, and the actual owner of the property before purchasing the house. Do not pay digitally or in cash. Instead, use a check to make the transaction because it will serve as an automatic receipt. 

3. Faulty Home Inspection  

A thorough house inspection is a necessary procedure in the process of purchasing a new home. Having a third party evaluate the condition of the house is important to determine the value of the house and identify possible hazards in the house, like leaks or mold. It is important to have a knowledgeable expert conducting the inspection, or else the buyer might end up paying a lot of money later for damages from before they owned it. However, some unqualified scammers pose as house inspection companies. Looking to make money, these scammers are inexperienced in-house inspections and will not provide the full inspection the buyer needs. Other home inspection scammers might be qualified and provide a full house inspection, but they might have additional hidden fees that will make the cost of home inspection much higher than the original price.  

A real estate agent usually knows a couple of good home inspection companies but doesn’t immediately assume that they will be the best companies. Conduct your own research on the recommended companies and look for reviews, experience, and reputation to ensure you get a high-quality home inspection for a reasonable price.  
 

4. Home Mortgage Scams 

Some mortgage scams can come from seemingly legitimate companies. The trick comes in the interest rates. In advertisements, the companies may advertise low-interest rates and no closing costs. As customers apply for the mortgage, they realize that suddenly the rate has increased, or they don’t qualify for the closing cost benefits advertised. This is a scam by the company which leaves customers feeling cheated. But why can’t the customer just pull out of the mortgage? Some companies might require a nonrefundable upfront payment that leaves the customer feeling unwilling to back out of the deal and just proceed through it. 

To prevent these types of scams, it is important to be aware of the mortgage buying process. Consider seeking help from an expert in this field. Conduct research on lender companies and read reviews by other customers. This can help you avoid businesses that utilize unfair business practices. 

When you are thinking of buying a home, it is an exciting moment and a huge investment, that is why it is important to acquire knowledge and conduct research beforehand. Buying a home isn’t easy and you can’t automatically trust the things you are being told. Therefore, learning about steps of the process of purchasing a home is important.  

The post 4 Common Real Estate Scams and How to Protect Yourself   first appeared on Express Title Company.

Find out What Escrow is in Real Estate

What is a Property Title?  

A title is the legal ownership of a property and the rights set over the property. Titles are not exclusive to real estate—many other items of value have titles, such as boats and cars. The legal purchase of a house transfers the title to the buyer from the previous owner(s), along with the deed. In simpler terms, a title is a legal way of saying you have ownership. Titles are then transferred by deeds. 

When you possess the title to a property, you have the following rights:  

• The right of possession. As the legal owner, you have the right to be on the property.  
• The right of control. As the legal owner, you have the right to do whatever you want on the property, as long as it is not illegal.  
• The right of exclusion. As the legal owner, you have the right to dictate who can and cannot be on the property.  
• The right of enjoyment. As the legal owner, you have the right to not be bothered by others and live peacefully on the property. 
• The right of disposition. As the legal owner, you have the right to transfer ownership.  

What is a Deed?  

A deed is evidence of a distinct event of transferring the title of the property from one person to another. This represents the right of the owner to claim the property. A deed must be a physical document signed by both seller and buyer of the property. According to Maryland law, all deeds are required to include the names of the seller and buyer, description of the property, and the interest you intend to convey. The new owner must physically possess a deed following the property’s purchase.  

Different Types of Deeds: 

• General Warranty Deed  
• Special Warranty Deed (the most commonly used deed in Maryland) 
• Quitclaim Deed  

To learn more about other potential deed options, contact a real estate attorney or the Land Records Department.  

Property Title vs Deed: Knowing the Difference  

The biggest difference between a property title and deed is the physical component. While a deed is an official written document proclaiming a person’s legal ownership, a title refers to the concept of ownership rights. For more clarity, think of a book: the deed is the physical cover and pages; meanwhile, a property title would be akin to the book’s title.  

Key Takeaways  

Understanding the difference between titles and deeds and their respective purposes is a crucial part of the homeownership process.  Just remember property titles are concepts of ownership, deeds are physical documentation of ownership!  

We hope that this blog was informative and helped in your homebuying process. For more information regarding property titles, deeds, and the homeownership process, contact Express Title today. 

The post Property Title vs Deed  first appeared on Express Title Company.

What Do You Need for a Mortgage Loan? Click Here to Learn More 

What is Private Mortgage Insurance? 

Private mortgage insurance is designed to protect mortgage lenders, not the homeowners. When you buy a home and make a down payment of less than 20% of the home’s purchase price, your lenders might require you to secure PMI. PMI protects your lender from the risks of default and foreclosure if you stop making payments on your loans.  

If you are required to pay private mortgage insurance, it can either be paid in full at the time of closing or added to your monthly mortgage payment. PMI is not a permanent expense and can be dropped from the monthly mortgage payments once the borrower’s loan balance reaches 78% of the original value, or in other words, when equity reaches 22%. Borrowers can also request the PMI be removed when they pay the principal equivalent of the 20% down payment toward their loan.  

Tips for How to Avoid Private Mortgage Insurance 

1. Make a 20% down payment  

The simplest and ideal way to avoid PMI is to make a large down payment of at least 20%. A larger down payment can offer you an advantage, however, not everyone can afford it. The average cost of a home is $375,000 nationally, and that means that 20% of that is $75,000. One way to produce this amount is to save up overtime.  

2. Utilize Lender-Paid PMI 

An alternative to eliminating the costs of monthly payments from PMI is to get a lender to pay for it, known as lender private mortgage insurance (LPMI). This option helps you as a homebuyer get a mortgage on your new home with as little as a 3% down payment, however, the lender will charge a higher interest rate. Therefore, it is important to compare costs and benefits before accepting LPMI. 

3. Use a “Piggyback Loan”  

A piggyback loan, sometimes called an 80-10-10 loan, provides a way to double the size of your down payment with the help of a second mortgage. The first mortgage covers 80% of the home price, and the second covers 10%. The remaining 10% is covered by your down payment. If your lender does not offer a second mortgage, you can get it from a local bank or credit union.  

4. Military Member or Veteran 

If you are a member of the military or a veteran, you qualify for a VA loan. VA loans that are backed by the Department of Veterans Affairs do not require PMI, however, there is a one-time funding fee.  

Homeownership is a monumental life event worth every penny. While waiting to buy a home until you have saved 20% of the down payment may seem like the best option to avoid Private Mortgage Insurance, this shouldn’t be the only thing holding you back. Buying a home can be frustrating and exciting at the same time, so before you use all your savings or retirement funds to pay for that 20% down payment, it is worth remembering that PMI is not tacked onto your expenses forever. To learn more about how Express Title can help you achieve homeownership, contact our team today. We are here to help you every step of the way.  

The post How to Avoid Private Mortgage Insurance   first appeared on Express Title Company.

Standard vs Enhanced What’s the Difference?

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What is Escrow in Real Estate?  

An escrow account is an account that holds the funds and protects the transaction until everything has been finalized. Escrow accounts are held by a neutral third party until the process is completed.  

In real estate, an escrow account secures earnest money until closing is completed or a party backs out. It protects both the buyer and seller during the home purchasing process. Homeowners can also hold money in escrow to pay for their insurance and taxes. This way homeowners do not have to produce a lump sum payment when their property taxes and insurance are due. Instead, the amount of their taxes and insurance are divided into 12 months and added to the monthly mortgage payments. 

What is the Escrow Process?

1. The homebuyers, seller, and the respective agents sign a contract to go over the terms of the transaction and make sure that every single stipulation that was agreed upon by the buyer and the seller has been met. 

2. The buyer will place an earnest money deposit into an escrow account.  

3. The escrow officer will confirm any clearance of funds with all parties involved and will keep the money in the escrow account until the closing of the property. 

4. The title work will start along with the mortgage application and underwriting. Once all the underwriting conditions are met, closing is scheduled.  

5. The buyer brings the balance of cash that is required to close the escrow offer. The mortgage company will send their funds to the escrow officer.  

6. All the documents will be laid out on the closing day, and the escrow closing documents are drawn, signed, and notarized.  

7. The fund will be released to the seller, the title will be transferred, and the homebuyer will get the keys. 

The Benefits of Using Escrow in Real Estate 

Escrow For Homebuyers 

From the start of signing the contract to the end of closing, your escrow officer will hold your earnest money deposit. Also, any of the mortgage loans that are borrowed will be held in escrow until all closing documents are signed. This means that buyers do not have to worry about their deposit disappearing if the sale falls through.  

Escrow For Sellers 

Escrow gives sellers confidence in the process. You can trust that the homebuyer has put up the agreed-upon earnest money deposit, and all the funds are cleared before signing the deed transfer. It leads to the closing and the homebuyer’s access to the property. 

Escrow for Real Estate Agents 

Escrow serves three main purposes for real estate agents: 

• Secures the contract by having a deposit held until the day of closing 
• Protects commissions and ensure fees are paid directly from the closing 
• Keeps clients safe in the transaction process 

Trust Express Title for Your Title and Escrow Needs 

Buying or selling a home is a huge transaction, and if each party is protected the better the outcome. Escrow in real estate is important because it protects and benefits both the homebuyers and sellers by using a neutral third party to protect transactions. Understanding escrow in real estate and how it is an essential part of ensuring that your real estate process is successful. 

The post What is Escrow in Real Estate?   first appeared on Express Title Company.

What Do You Need for a Mortgage Loan? Click Here to Learn More 

What is Title Insurance? 

The purpose of title insurance is to protect the insured against losses that occurred in the past before you even owned the home. During a home buying process, a title insurance company, such as Express Title, will perform the title search and examination that will provide the basis for the title insurance policies that will be issued to you and your lender.  

Title insurance is not required for homeowners, but it is often required for lenders. Even though it is not required for homeowners it is recommended, because without it the buyer will be responsible for any legal costs and may potentially lose the property.  

Types of Title Insurance  

Owner’s Policy:  

• Not required but recommended 
• Protects the equity of the property 
• Protects the buyer 
• Lasts for as long as you or your heirs own the property  

Lender’s Policy:  

• Required by most banks and mortgage lenders 
• Protects lenders until the mortgage is paid off 
• Expires once the mortgage is paid in full 

Benefits for Buyers with Title Insurance 

Being a homeowner without title insurance is risky as you may not be protected from claims against ownership of the property and may lose the investment. With an owner’s title policy, homeowners also receive the following rights:  

• You would be able to use the property as you wish 
• Be free from debts or obligations that were not created or agreed upon you  
• Be able to freely sell or pledge your property as security for a loan.  

It is recommended to invest in title insurance because it will protect the buyer if any title defects occur in the future. Buying title insurance will help you have peace of mind knowing that you will be protected from expenses and legal suits.  

Types of Claims or Risks Covered by Title Insurance 

At Express Title, we offer two levels of coverage: Standard and Enhanced. 

Standard Coverage Covers: 

• Forgery and Impersonation 
• Lack of Competency, Capacity, or Legal Authority of a Party 
• Deed not joined in by a Necessary Party including 
  • co-owner, heir, spouse, corporate officer, or business partner 
• Undisclosed Prior Mortgage or Lien 
• Undisclosed Easement or use Restriction 
• Erroneous or Inadequate Legal Descriptions 
• Lack of Right of Access  
• Deeds not Properly Recorded 

Enhanced Policy will Cover all the Risks of Standard Coverage Plus: 

• Off-Record Matters – claims for adverse possession or prescriptive easement 
• Deed to Land – buildings encroaching on land of another incorrect survey 
• Silent Liens – such as mechanic’s or estate tax liens 
• Pre-existing violations of subdivision laws, zoning ordinances, or CC&R’s  
• Post-Policy Forgery 
• Forced removal of improvements due to lack of building permits 
• Post-policy construction of improvements by a neighbor onto insured land 
• Location and Dimensions of Insured Land 

Protect Your Home with Title Insurance 

Homeownership is a monumental event and an investment worth protecting. At Express Title, our team provides knowledge and expertise to ensure that your home and family are protected now and into the future. If you are interested in learning more about title insurance, please contact us today! 

The post What is Title Insurance? Benefits for Buyers  first appeared on Express Title Company.