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We wear three hats: Settlement Agent, Title Insurance Agent, and Escrow Agent.
As Settlement Agent, we are the facilitators of the settlement process. We gather information, coordinate the settlement time and location, organize paperwork and ultimately, we are the people who will sit down with you at the closing and walk you through all of your final paperwork. In this capacity, we are the folks who will provide you with your "bottom line."
We are also the Title Insurance Agent that provides you the title insurance required by your lender. The title insurance policy is produced by us for the benefit of your lender after we have reviewed the status of any liens and encumbrances that your property is subject to. This process happens largely behind-the-scenes.
As Escrow Agent, we hold money involved in the transaction. When you are asked to bring money to your closing, the check will be payable to Gateway Title & Escrow. When your mortgage company makes a loan to you in order for you to buy your home, their check will be payable to Gateway Title & Escrow, as well. All money will be deposited into our bank, then will be paid out according to the terms of your contract.
Gateway Title & Escrow is Maryland Type-S Corporation, in Good Standing. We are also in compliance with all requirements of the Maryland Insurance Administration, the Maryland State Corporation Commission, the Virginia Insurance Administration, the Virginia State Corporation Commission, the Virginia State Bar Association and the District of Columbia Corporation Commission.
In order to begin, we need a roadmap from you. If you are purchasing a home, the contract is the roadmap. If you are refinancing property that you already own, the loan application is the best roadmap. Kindly fax to us at 301-562-9127.
If you have any questions regarding the contract or loan application, feel free to call us at (301) 562-9101, or contact us through this website.
Identification (2 forms, with pictures; driver's license and passport are most preferable). Money, if necessary (in the form of a cashier's check payable to Gateway Title & Escrow, unless you have made other arrangements). The hand with which you sign your name (feel free to leave the other one at home). If you are selling your home, also bring keys, garage door openers and any paperwork that belongs with the home (warranties, instructions, etc.).
If you are selling or refinancing and if you have an escrow account connected to the loan you are paying off, the money in the escrow account will be returned to you by your mortgage company. After your loan has been paid off, your mortgage company is required to return any surplus money they are holding directly to you. Federal law gives the mortgage company 15 business days to send your money, so expect the process to take about a month. We will provide a forwarding address to your mortgage company, but recommend that you follow up with them anyway.
Title Insurance protects the insured against defects in the title of a property.
See also "Why Do I need Lender's Title Insurance?"
Generally one of two approaches: escrow or credit. Using the escrow technique, Gateway Title & Escrow would withhold a portion of the seller's proceeds until the problem is repaired. Upon proof from the seller that the repair is complete and upon authorization from the buyer, the escrowed money would be used to pay for the repair and any surplus returned to the seller. Using the credit technique, seller and buyer agree on a reasonable cost to make the repair and a credit is made from seller to buyer in the agreed amount. The buyer is then responsible to arrange for the repair.