A few first time home-buyer clients have recently asked us what to expect from real estate settlements in Anne Arundel County. Settlements can be a very exciting time! There is a lot of information coming at you all at once and it can be a lot to take in. Here are a few things to remember that will be helpful for you in your beautiful new home!
Anne Arundel County Real Estate Settlements
Anne Arundel County does not have a final water bill reading. This means that most title companies take a look at the at past 3 water bills and take an average of what the estimated new water bill will be. You as the Buyer will get a “credit” on your side of the transaction for water used prior to settlement. The key here is to pay the water bill once you receive it, even if it has service dates of when you were not in the home.
Once you have owned your home for 60 days you can apply for the Homestead Tax credit.
If you get a notice in the mail from a company saying they can provide you a copy of your title for a specific amount of money, don’t reply, it’s a scam. There is no charge for an original of your title and will be mailed to you within 30 days. If you don’t see your deed in 30 days, please let me or the title company know.
We always ask our Buyer’s to alert us as soon as possible if they are going to be using a power of attorney at settlement. A Buyer’s Lender and Title Company need sufficient notice. This could potentially hold up closing if it is brought up the week before settlement.
Our relationships don’t end with our clients after settlement
We provide reminders for these, and other important reminders throughout your home-ownership. Whether you are a first time home-buyer or seasoned veteran, be proactive; do not get caught off guard at the settlement table. Laws and practices change while the closing process is not static.
Give one of our Client Advisors a call today for any follow up questions you may have regarding Annel Arundel County real estate settlements.