Real Estate Transactions d/b/a Olde Potowmack Title & Escrow

Olde Potowmack ("OP") Title & Escrow is a wholly owned subsidiary of Pels Anderson, LLC. At OP Title, we know that buying or selling a home is, for most people, the largest financial endeavor they will ever undertake. We will perform an "abstract of title" by searching the real estate records in the county where that particular piece of property is located. An abstract will (a) determine the legal owner of the property; (b) reveal any mortgages, liens, judgments, or unpaid taxes that will have to be satisfied before the property is conveyed; and (c) detail any existing easements, restrictions, or leases that affect the property.

The purpose of the closing is to sign and exchange all the documents necessary to convey title, secure the lender, and deal with collateral issues such as leases, rights-of-way, etc., and to explain in an orderly manner the costs to each party. This is done by preparing a closing statement or what is referred to in the industry as a "HUD 1". The closing statement will include the mortgage lender's charges, charges for preparing documents, the title company's fees, recording costs, and the amount of the payoffs to release any existing mortgages, pro-ration of city and county taxes, real estate commission fees, survey fees, and any other costs associated with the deal.

At closing, the title company will collect the purchase money funds from the buyer and lender as well as the settlement costs from each party. With these funds, the title company then pays all of the expenses of the transaction, pays off any existing mortgages, and pays the seller the net proceeds of sale. All of this is done in accordance with the HUD 1 settlement statement.

With offices located in Bethesda, Maryland and Alexandria, Virginia plus the ability to complete closings remotely for the convenience of our clients, OP Title is uniquely suited to handle all of the legal needs of its clients. Very few title companies have the ability to also handle complex legal transactions or even litigation related to quiet title actions. With the 2007 Maryland Trial Lawyers of the Year standing in as counsel for OP Title, you can rest assured that the service will be top notch.