What to know as a buyer
What settlement costs
Maryland charges a state transfer tax of 0.5% of the price, and each county adds its own transfer tax and a recordation tax. Unless the contract says otherwise, Maryland law presumes the buyer and seller split these taxes equally. The closing cost calculator shows the taxes for your county, and an instant quote adds our title charges. Not sure which county taxes your new home? Find out which county your address is in.
How settlement works
Settlement is the meeting where you sign your loan papers, the money changes hands and the home becomes yours. You can settle at our Glen Burnie office, or we come to you anywhere in Maryland at no extra cost. Afterwards the deed and your mortgage are sent for recording in the county land records. How a Maryland settlement works walks through each step. The buyer’s checklist lists what to do and what to bring.
We email wire instructions. Before you wire any money, call (410) 768-2300, the number on this website, to confirm them. Never use a phone number from an email. How to protect your closing funds
Owner’s title insurance
If you borrow, your lender will require a loan policy, but it protects only the lender. An owner’s policy protects you against covered title problems, such as deed errors, forgery and undisclosed heirs, for as long as you own the home. In Maryland it is optional, and its premium is paid once, at settlement. Read why an owner’s policy is worth considering and what title insurance costs in Maryland.
First-time buyers
When every buyer is a first-time Maryland home buyer who will live in the home, the state transfer tax drops to 0.25% and the seller pays it. See who qualifies for the first-time buyer rate. The seller’s Homestead tax credit does not pass to you, so if the home will be your main residence, you apply for your own. Read when and how to apply for the Homestead credit.