Commercial closings are one of the services we provide across Maryland. If you are selling investment property and buying a replacement, see the settlement side of a 1031 exchange as well.
Secure your investment
Maryland First Title provides top-tier commercial title services, backed by the renowned Stewart Title, for security and reliability you can count on. We serve property owners and mortgage lenders in all kinds of commercial real estate transactions, including acquisitions, developments and refinances. Our owner’s policy offers strong protection against unexpected title problems such as public record errors, fraud and undisclosed claims, and it stays in effect for as long as you own the property.
For lenders, we issue a loan policy that protects the lender’s interest up to the loan amount. Its coverage decreases as the loan is paid down, and commercial lenders require it. With the support of Stewart Title, our commercial clients enjoy added security and broad coverage that protects every party from title disputes.
Seamless transactions
At Maryland First Title, we specialize in streamlining the commercial closing process. Our attorney settlement agents meet wherever suits you: your office, our Glen Burnie office or elsewhere in Maryland, at no extra cost. We coordinate carefully with everyone in the transaction, including developers, lenders and legal teams, for a complete and accurate closing. Our experienced agents manage every step, from the first documents to the final signatures, so each commercial transaction is handled with the highest level of professionalism.
Protecting the funds
To protect our clients, we vet the documents and the parties and watch each transaction closely, from the first documents to the final payout. We email wiring instructions. Before you wire any money, call us at (410) 768-2300, the number on this website, to confirm them. Never use a phone number from an email.
Who this is for
- Investors and businesses buying or selling office, retail, industrial, mixed-use or apartment property
- Developers buying land or closing construction financing
- Owners refinancing commercial property
- Commercial lenders who need a loan policy and a settlement agent
- Attorneys and brokers looking for an experienced settlement partner
How it works with Maryland First Title
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Open the file
Send us the purchase agreement or the lender’s loan terms, the parties’ contact details and the target closing date through our order form or by phone.
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Search and review the title
We search the county land records for the chain of title, mortgages, liens, judgments, easements, covenants and other recorded matters, and go over them with you, your counsel and your lender so that objections are raised within the contract’s deadlines.
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Review the survey and coverage
When a survey is ordered, we compare it with the title. We work through the coverage the lender requires, including any endorsements to the policy for specific risks.
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Confirm the parties
We confirm that each company is in good standing and that the people signing have authority to sign, and we prepare or review the deed, affidavits and other closing documents.
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Settlement statement and funding
We collect payoff figures for existing loans, prepare the settlement statement and coordinate funding with the lender. We email wiring instructions. Before you wire any money, call us at (410) 768-2300, the number on this website, to confirm them. Never use a phone number from an email.
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Close
Our attorney settlement agents hold the closing at your office, ours or another location you choose in Maryland, at no extra cost.
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Record and insure
We pay out the funds, pay the transfer and recordation taxes, record the deed and deed of trust in the land records of the Circuit Court for the county, and issue the owner’s and loan policies.
What you will need
- The signed purchase agreement and amendments, or the lender’s loan terms for a refinance
- For each company involved: its articles of organization or incorporation, its operating agreement or bylaws, and a resolution approving the transaction
- A certificate of good standing (for a Maryland company, from the State Department of Assessments and Taxation)
- Any existing survey, earlier title policy and current leases
- Payoff contacts for existing loans
- Photo ID for each person signing
- Tenant estoppel certificates or other documents the lender asks for, when the property is leased
How long it takes
Commercial closings follow the dates in the purchase agreement, which often include a study period before closing. We start the title search as soon as the contract is signed, so title objections can be raised within the contract’s deadlines.
Financed deals depend on the lender’s appraisal, survey and environmental requirements, so allow several weeks or more. Cash deals can move faster once the title is clear.
Maryland points to know
Transfer and recordation taxes
Maryland’s 0.5% state transfer tax and the county transfer and recordation taxes apply to commercial deeds as well as homes. The law presumes buyer and seller split them equally, but commercial contracts often divide them differently, and we follow your agreement.
Recordation tax on loans
Maryland’s recordation tax can also apply to a deed of trust securing a loan. A purchase-money deed of trust recorded with the deed is not taxed separately. For a refinance, we work out whether tax is due before closing.
Selling the company instead of the property
Transferring a controlling interest in a company that owns Maryland real property can trigger transfer and recordation taxes even though no deed is recorded. Tell us early if your deal is structured that way.
Nonresident sellers
When a seller is not a Maryland resident, Maryland requires tax to be withheld from the seller’s proceeds at settlement: 8.75% for individuals and 8.25% for companies, unless an exemption applies. How the withholding works.
“My transaction was a little tricky but they were able to handle it and get me to closing on time.”
“Maryland First Title was very responsive and professional throughout my entire transaction. My transaction was a little tricky but they were able to handle it and get me to closing on time. Would recommend them to anyone and will be using them in the future.”