Settling owner sales is one of the services we provide across Maryland. We are the settlement company for the sale: we handle the title, the money and the paperwork for both sides, and we do not represent you or the buyer. If you are the buyer in an owner sale, read buying a home without an agent instead.
Selling without an agent is allowed
Maryland does not require a seller to use a real estate agent. Without one, pricing, marketing and showing the home are up to you, and so is getting the paperwork right: a written contract with the notices Maryland law requires, the seller’s disclosure, and a settlement that pays off your loan, records the deed and pays out your proceeds.
If the buyer has an agent, that agent represents the buyer. The contract says whether you pay any part of that agent’s fee.
What we do, and what we do not do
We do
- Prepare the sales contract from the terms you and your buyer have agreed, with the notices Maryland law requires, or check that a contract you already have includes them
- Explain the Maryland disclosure and disclaimer forms and when the buyer must receive them
- Search the title and clear problems such as old mortgages, liens and judgments
- Order your mortgage payoff and the property’s tax and lien information
- Work with the buyer’s lender, and with the buyer’s agent if there is one
- Prepare the deed and the settlement statement, hold the settlement, pay off your loan and pay out your proceeds
- Record the deed and issue the buyer’s title insurance
We do not
- We do not represent you or the buyer
- We do not negotiate the price or terms for either side
- We do not advise either side on whether to accept an offer
If you want someone on your side of the deal, hire your own attorney or agent before you sign the contract.
Who this is for
- Homeowners who already have a buyer, such as a neighbor, tenant or relative
- Sellers who list and show the home themselves
- Owners selling a rental or inherited property without an agent
- Sellers who have an offer in hand and need a contract and a settlement
From “I have a buyer” to settlement
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Gather your paperwork
Find your deed, your latest mortgage and home equity statements, your property tax bill and any condominium or homeowners association details. If you do not live in Maryland, tell us now: tax may be withheld from your proceeds.
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Complete your disclosure
Fill out the Maryland property disclosure statement or the disclaimer statement, and a lead-based paint disclosure if the home was built before 1978. The buyer should receive them before signing the contract.
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Agree on the terms
Settle the price, the deposit and who holds it, how the buyer is paying, any inspection or financing deadlines, the settlement date, what stays with the house and who pays which costs.
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Put it in a written contract
Both of you sign a written contract that includes the notices Maryland law requires. Request a call back if you want us to prepare it from the terms you have agreed.
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Open the title order
Send us the signed contract through our order form or by phone. We search the title, order your payoff and the property’s tax and lien information, and clear any problems we find.
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The buyer’s side
If the buyer is getting a loan, the lender orders an appraisal and approves the loan. The buyer may also have an inspection. For a condominium or association home, the buyer receives the association’s documents.
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Before settlement
We send the settlement statement showing your payoff, taxes, costs and net proceeds. Before acting on any email that asks you to send money or to change where your proceeds go, call us at (410) 768-2300, the number on this website.
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Settle
You sign the deed and the settlement papers at our Glen Burnie office, or we come to you anywhere in Maryland at no extra cost. We pay off your loan, pay your share of the taxes and costs, pay out your proceeds and record the deed. What happens at a Maryland settlement.
What you will need
- Your current deed and the latest statement for each mortgage or home equity loan
- Your most recent property tax bill
- Condominium or homeowners association contact and fee details, if any
- The completed property disclosure or disclaimer statement, and a lead-based paint disclosure if the home was built before 1978
- The signed sales contract and every addendum
- Photo ID for every owner on the deed
How long it takes
How long it takes to find a buyer depends on the market and the price. Once the contract is signed, settlement follows on the contract date, often 30 to 45 days later when the buyer is getting a mortgage, and sooner with a cash buyer.
Give the buyer your disclosure or disclaimer statement before the contract is signed. If the buyer receives it afterward, the buyer can cancel the contract within five days of receiving it.
What it costs
As the seller, your costs at settlement usually include your mortgage payoff, your share of the transfer and recordation taxes (split equally unless the contract says otherwise), any fee you agreed to pay a buyer’s agent, and the costs your contract assigns to you. Get your net sheet.
Our fee for an owner sale depends on what the sale needs. Call us for a quote at (410) 768-2300, or request a call back.
Maryland points to know
Disclosure or disclaimer
Maryland lets sellers of most homes choose between a disclosure statement describing the home’s condition and a disclaimer statement selling it as is. Even with a disclaimer, you must tell the buyer about hidden defects you know of that could threaten health or safety.
Required contract notices
Maryland home sale contracts must include certain notices, such as the Chesapeake and Atlantic Coastal Bays Critical Area notice and, in most counties, a notice that the property may be near a military installation. We make sure your contract has them.
Who pays the taxes
Unless the contract says otherwise, buyer and seller split the transfer and recordation taxes equally. If your buyer is a first-time Maryland home buyer who will live in the home, you pay the whole state transfer tax at the reduced 0.25% rate, and the county transfer and recordation taxes unless the contract expressly says otherwise.
Nonresident sellers
If you do not live in Maryland, tax is withheld from your proceeds at settlement (8.75% for individuals, 8.25% for companies) unless an exemption applies. Tell us early so we can check. How nonresident withholding works.
“They were helpful in walking us through each paper we had to sign”
“Had a great experience with Maryland First Title. They were helpful in walking us through each paper we had to sign and communicative leading up to the actual closing day. Would highly recommend to others!”