Real Estate Settlements
O’Reilly & Mark, PC is a law firm and a licensed and approved title insurance agency authorized to close transactions in Maryland, Virginia and the District of Columbia. Our legal and non-legal staff can provide a full range of services from contract review to closings. Our licensed title agents bring the closing to your door for convenient and efficient settlements.
O’Reilly & Mark, PC handles sales and refinances in Maryland, Virginia and the District of Columbia for both residential and commercial properties. These transactions include single family houses, condominiums, co-operatives, investment properties, shopping centers, hotels, office buildings, apartment buildings, golf courses and undeveloped land.
The real estate process can seem daunting and at times can be very frustrating. The terminology or lingo can be foreign to many buyers and sellers. Your experienced real estate agents and loan officers can help with some of the arcane phrases and terms, but we at O’Reilly & Mark, PC believe that knowledge is power and that an educated buyer or seller will find this process much more agreeable. We have found that once the parties are aware of how the process works and what the terms actually mean, the process seems much less vexing and confusing.
Whether you are a buyer, borrower or seller, you should know the basic real estate terminology. This link will provide you with the essential terms. http://www.oldrepublictitle.com/newnational/resources/dictionary.asp
Whether you are a first time homebuyer or seasoned veteran, be proactive; do not get caught flat-footed. Laws change, practices change. The closing process is not static. Thus, never assume that that the contract is the most difficult stage of the process. It is only the beginning!! Call our real estate staff to learn how we can make your real estate acquisition, sale or refinance less stressful and more profitable.
WHAT HAPPENS WHEN O’REILLY & MARK, PC CLOSES
YOUR REFINANCE, PURCHASE OR SALE
In the event O’Reilly & Mark, PC is conducting the closing on the purchase/sale of your property we start our title work once the sales contract is signed by the buyer and seller and a check is delivered to the closing agent. In the event O’Reilly & Mark, PC is conducting the refinance of your mortgage, we start our title work once your lender sends us a title request. The title work involves gathering tax information, loan payoffs, survey (if required), HOA, Condominium Association and other homeowner fees, inspection reports, hazard and other insurance information. We work closely with you, your agents and lenders to gather as much information as quickly as possible to insure settlement is completed within the time specified.
As part of the title process, we will order a title search for the property. The records obtained in a title search include deeds, mortgages, assessments, liens, wills, judgments, bankruptcy records and other documents affecting title to the property. Our experienced title agents and attorneys will examine the records. At this time, we verify the legal owner and determine what liens and encumbrances are against the property. If we have concerns or questions, we immediately contact the applicable party and work through the issues.
Upon completion of the search and examination, a title commitment is sent to the required parties. Our title agents and attorneys review the lender's instructions, review instructions from other parties to the transaction, review legal and loan documents, assemble charges, prepare the settlement statements and schedule the closing. Click here to see a sample settlement statement and an explanation of some of the closing costs and fees. What Are The Typical Closing Costs on a HUD-1
At closing the Seller signs the deed and closing documents. Buyer/Borrower signs the loan documents and closing documents. Once all the funds are collected and the required documents are executed by the parties, our abstractors do a final review of the public records to insure no adverse title changes have occurred and the deed and applicable loan documents are then recorded in the city or county in which the property is located.
O’Reilly & Mark, PC pays all parties who perform services in connection with your closing (if they have not been paid) and prepares a title policy for the new owner and lender.
WHAT CAN A BUYER OR SELLER YOU DO TO ASSIST IN THIS PROCESS ?
We have attached forms that that will assist in this transaction. Please complete the form(s) applicable to you and e-mail to us at the following address: Closing@OReillyMark.com. Further, we have provided links to various utility companies, state and local government sites and other sites we believe may help you. Please take a moment to review these forms and links.
Buyer Authorization on Short Sale
Tax and Utility Information
District of Columbia
General Information – http://dc.gov
Real Property Tax Information –
https://www.taxpayerservicecenter.com/rp_search.jsp?search_type=assessment
Recorder of Deeds – http://www.washington.dc.us.landdata.com
Maryland
General Information - http://www.maryland.gov/living/Pages/Living.aspx
Maryland Counties and Local Governments
Allegany County http://allconet.org
Anne Arundel County - http://www.co.anne-arundel.md.us
Baltimore County - http://www.co.ba.md.us
Calvert County - http://www.co.cal.md.us
Carroll County – http://ccgov.carr.org
Charles County - http://www.charlescounty.org
Dorchester County - http://www.commissioners.net
Frederick County - http://www.co.frederick.md.us
Garrett County - http://www.co.garrett.md.us
Harford County - http://www.co.ha.md.us
Howard County - http://www.co.ho.md.us
Montgomery County - http://www.co.mo.md.us
Prince George's County - http://www.co.pg.md.us
Queen Anne's County - http://www.qac.org
Saint Mary's County - http://www.co.saint-marys.md.us
Washington County - http://pilot.wash.lib.md.us
Wicomico County - http://www.co.wicomico.md.us
Worcester County - http://www.co.worcester.md.us
Utilities
Baltimore Gas and Electric - http://www.bge.com
Washington Gas - http://www.washgas.com
Dominion Virginia Power - http://www.dom.com
NOVEC Power - http://www.novec.com
Pepco – http://pepco.com
DC Water and Sewer Authority - http://www.dcwasa.com
WSSC – http://www.wssc.dst.md.us
Washington Gas - http://www.washingtongas.com
Allegheny Power - http://www.alleghenypower.com
Verizon - http://www.verizon.com
Virginia Energy Choice - http://www.yesvachoice.co
VirginiaGeneral Information
Virginia Counties and Local Governments:
Fairfax County
Arlington County
City of Alexandria
City of Falls Church
Loudoun County
Prince William
Prince William County
General Information
Real Property Tax Information
City of Alexandria
General Information
Real Property Tax Information
Utilities
Electricity – Dominion Virginia Power
Water – Virginia American Water
Gas – Washington Gas
Arlington County
General Information
Real Property Tax Information
Utilities
Electricity – Dominion Virginia Power
Water – Department of Environmental Services
Gas - Washington Gas
Fairfax County General Information
Real Property Tax Information
Real Estate Assessment Values
Utilities
Electricity - Dominion Virginia Power
Water – Fairfax Water
The sale, purchase or refinance or your property is a significant event in your life. The knowledgeable staff at O’Reilly & Mark, PC are here to help you through the process. We look forward to working with you.