Information for Sellers

To begin preparation for your settlement, Friendship Title will send an information packet to you by email.  In the packet is information for you and forms that need to be completed, signed and returned to us.  If you have a mortgage, we will contact that lender to obtain a payoff statement, and we will also contact any condominium or homeowner association if your property has one.  For Maryland properties, we will also determine if you are or have been a permanent resident of the State of Maryland.  Non-Maryland residents are required to pay a tax of 7 1/2% of the net proceeds to the Comptroller of Maryland for sales of Maryland properties.  

We will prepare a settlement statement or Closing Disclosure, which we will send to you prior to settlement for review.  At settlement you will sign the transfer deed, the Closing Disclosure and several other forms connected to the sale.  We will withhold funds from your proceeds to pay the final water bill (unless you have a condo that pays the water) and refund any overage to you.  An estimate of other settlement fees will be furnished to you in your information packet.

The proceeds from the sale will be wired to your bank unless you request our escrow account check.