Author Archives: Katie Hunt

Are You A Buyer or Seller? Real Estate Licensee Disclosure Obligations Maryland (MD), District of Columbia (DC), and Virginia (VA)

Overview This document summarizes disclosure obligations for licensed real estate agents who are parties (buyers or sellers) in residential real estate transactions in Maryland, the District of Columbia, and Virginia. Requirements focus on written disclosure of licensure status and agency relationships. Maryland (MD) • Written agency disclosure is required at or before the first scheduled…

MATERIAL FACTS -REAL ESTATE LICENSEE DISCLOSURE OBLIGATIONS

Maryland • District of Columbia • Virginia Quick Reference Guide for Licensees This guide summarizes the key material fact disclosure obligations for real estate licensees in: This is a general compliance overview and is not legal advice. What Is a “Material Fact”? A material fact is information that: Examples may include: Maryland Standard Licensees must…

Real Estate Insight: Why Every Agent Should Encourage Owner’s Title Insurance

Protecting Your Clients — and Your Reputation Buying a home is one of the largest investments most people will ever make. As real estate professionals, we guide our clients through inspections, appraisals, and financing — but there’s one protection too many buyers skip: Owner’s Title Insurance. What Is Owner’s Title Insurance? Owner’s title insurance protects…

How to Avoid Common Causes of Closing Delays in Real Estate Transactions

Few moments are more frustrating for buyers, sellers, and agents than a delayed closing. Everyone has worked hard to reach the finish line—only to find that settlement must be pushed back due to avoidable issues. Understanding the most common causes of delays can help you keep your transaction on schedule. 1. Missing or Incomplete DocumentationOne…

Why the Tenancy on Your Deed Makes a Big Difference

When you buy property with another person—whether it’s a spouse, family member, friend, or business partner—one small line on your deed can make a huge difference: the tenancy designation. It might seem like just legal jargon, but the way your ownership is titled determines what happens if one owner dies, how the property can be…

Issues Arising in Co-Ownership of Real Estate

1. Forms of Co-Ownership The legal structure of ownership in Maryland, D.C., and Virginia determines each party’s rights and what happens upon death or sale: Form Key Feature Common Use Tenants in Common (TIC) Owners hold distinct, divisible shares (which can be unequal) and may sell or bequeath their interest independently. Investment properties, siblings, or…

FinCEN’s New Real Estate Rules: What Buyers & Sellers Should Know

The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) has rolled out new nationwide reporting rules for real estate transactions — and they could affect how some closings are handled. What’s Changing FinCEN now requires title companies and settlement agents to report details on all-cash real estate purchases, especially when the buyer is an entity (e.g.,…

Condo Corner: What Kind of Parking Space Is Being Sold with the Condominium Unit?

When someone buys a condominium, the parking space that comes with the unit might seem simple — but not all parking is the same! In most condos, parking spaces fall into two categories: deeded spaces and limited common element (LCE) spaces. Knowing which type is being sold makes a big difference in ownership rights, flexibility,…

Should You Put a Minor on Title to Real Estate?

Why It Can Cause More Problems Than It Solves Parents sometimes think it’s a good idea to put their child’s name on the deed to a home or investment property. While the intention may be good — planning for the future or “avoiding probate” — adding a minor to title can create serious problems. Here…

Understanding FIRPTA: What Clients Need to Know

The Foreign Investment in Real Property Tax Act (FIRPTA) is a U.S. law that affects real estate transactions when a foreign person sells U.S. real property. It requires buyers to withhold tax at settlement to ensure the IRS collects taxes owed on the sale. Below is a clear overview of the current FIRPTA rules. Who…