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Many people confuse the concept of a Warranty Deed with the concept of a sellers guarantee of the physical condition of the house. When we discuss Warranty Deeds, Warranty refers only to the condition of the Title. Warranty Deeds are not related to the physical condition of the house. There is no language in a deed that covers the physical condition of the house. In Maryland, there are three types of Warranty Deeds.
A HUD home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers the home for sale to the public. HUD is represented by several different Asset Managers in Maryland. The Asset Managers manage the property sale.
In the past, HUD required a middleman title company to represent HUD in addition to the Asset Manager that was already representing HUD. Buyers could always choose their own title company, but due to the economics of HUD's middleman title company arrangement, this multi layer system often led to countless issues
Buyers can now select their own title company when purchasing a HUD property located in Maryland to deal directly with the Asset Manager. HUD no longer has a middleman title company in between. HUD has launched a program known as the "Buyer Select Closing Agent Pilot Program". In order to choose such a title company, you may only choose a title company that meets HUD requirements as a Buyer Select Closing Company. Lucky for you King Title Company has been approved by HUD as a Buyer Select Closing Company.
At the time of the bid submission to HUD, the selling agent should complete and submit the form entitled "Buyer Select Escrow/Settlement Company Addendum". This will provide the Asset Manager with the contact information for the title company. Below is the information for the Addendum.
Company Name: King Title Company, Inc, 25 Hooks Lane, Suite 316, Baltimore, MD 21208, 410-486-5464
Escrow/Settlement Officer: David Pierce, email@example.com
Has this company ever closed a transaction on a HUD-owned property? YES
Buyer Select ID# KINGTI0001
We're excited to work with you on your next HUD transaction!
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