Knowledge Hub
Expert guides, FAQs, and resources for your real estate journey
Checklists
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First-Time Homebuyer Checklist
Before You Start
- Check your credit score
- Calculate your budget
- Get pre-approved for a mortgage
- Research neighborhoods
During the Search
- Work with a qualified real estate agent
- Schedule home inspections
- Review property disclosures
- Compare multiple properties
At Closing
- Review all documents carefully
- Bring certified funds
- Do a final walk-through
- Keep all closing documents safe
FAQs
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What is Title Insurance?
Title insurance protects property owners and lenders from financial loss due to defects in a property's title.
Why Do You Need It?
Even with thorough title searches, issues can arise that weren't discovered during the examination process. Title insurance provides protection against:
- Unknown liens
- Errors in public records
- Undisclosed heirs
- Fraudulent documents
- Survey errors
Types of Policies
Owner's Policy: Protects the property owner's investment
Lender's Policy: Protects the mortgage lender's interest
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Understanding Transfer Taxes
What are Transfer Taxes?
Transfer taxes are fees imposed by state and local governments when property ownership changes hands.
In Maryland
- State Transfer Tax: $5.00 per $1,000 of consideration
- Local Transfer Tax: Varies by county
- Who Pays: Typically negotiated between buyer and seller
Montgomery County Rates
- County Transfer Tax: $11.50 per $1,000
- Total Combined Rate: $16.50 per $1,000