What to know as a seller
Who picks the title company
In most Maryland sales your buyer picks the title company. If your buyer chooses us, we handle your side of the settlement too. If they choose another company, you can still call us with questions about your sale, and you can choose us when you buy your next home. Read who picks the title company in a Maryland sale.
What a seller pays
A seller’s costs usually include paying off any mortgage, the real estate commission if you used an agent, and a share of Maryland’s transfer and recordation taxes. Unless the contract says otherwise, Maryland law presumes the buyer and seller split those taxes equally. When every buyer is a first-time Maryland home buyer, the seller pays the state transfer tax. Estimate what you will walk away with. Read who pays which tax for the details.
Paying off your mortgage
Your mortgage and any home equity loan are normally paid off at settlement from the sale proceeds. Before settlement we get a payoff statement from each lender, so send us the account numbers early. After the loans and your share of the costs are paid, the rest of the proceeds is sent to you. To keep your sale on schedule, read what delays a Maryland settlement.
Before you wire any money, call (410) 768-2300, the number on this website, to confirm the instructions.
Protect your proceeds: if you get an email or text asking for your bank details, or saying that wiring instructions have changed, call us at the number on this website before you reply. How to spot wire fraud.
If you cannot be at settlement
Settle at our Glen Burnie office, or we come to you anywhere in Maryland at no extra cost. If you live out of state, we arrange a remote settlement. If you will be away on settlement day, tell us as early as you can, including if someone will sign for you under a power of attorney, so we can plan how and when you sign. If you live outside Maryland, the state withholds tax from your proceeds unless an exemption applies. Read how withholding works for out-of-state sellers.