55 MD – ALTA COMMITMENT FOR TITLE INSURANCE CHICAGO TITLE NCS DC | MD This page is only a part of a 2021 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; Schedule B, Part II-Exceptions; and a counter-signature by the Company or its issuing agent that may be in electronic form. Copyright American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. ALTA Commitment for Title Insurance w-MD Mod (07/01/2021) Printed: 11.09.23 @ 06:20 PM Page 3 DC-CT-FA61-02100.141018-SPS-1-23-SampleMDACC CHICAGO TITLE INSURANCE COMPANY COMMITMENT NO. SampleMDACC SCHEDULE B, PART I - Requirements All of the following Requirements must be met: 1. The Proposed Insured must notify the Company in writing of the name of any party not referred to in this Commitment who will obtain an interest in the Land or who will make a loan on the Land. The Company may then make additional Requirements or Exceptions. 2. Pay the agreed amount for the estate or interest to be insured. 3. Pay the premiums, fees, and charges for the Policy to the Company. 4. Documents satisfactory to the Company that convey the Title or create the Mortgage to be insured, or both, must be properly authorized, executed, delivered, and recorded in the Public Records. A. Deed from the current owner to the Proposed Insured. B. Deed of Trust from the Proposed Insured, securing indebtedness and obligations in favor of the Proposed Insured Lender. Note: The State of Maryland, pursuant to Tax-General Article, Section 10-912, Annotated Code of Maryland, requires the withholding of income tax from the sales proceeds of a non-resident individual transferor or a non-resident entity transferor (one not formed under the laws of Maryland and not qualified or registered to do business in Maryland). To properly prepare for a timely closing and recordation of the deed of conveyance in this transaction, the Company requests immediate notification of the residency identity (i.e., what jurisdiction) of each transferor(s) and principal residence status (i.e., what jurisdiction) of each individual transferor. See link for Certificate of Exemption. Certificate of Exemption . Note: The tax information supplied in paragraph 5 below is provided through a public access source and is not recognized for recording purposes. An Official Lien Certificate may be required by the jurisdiction for recordation of any transfer of a real property interest. To minimize cost this office will order a certificate as required when a closing date is determined. This Commitment is subject to such matters as are shown on the certificate. CERTIFICATES MAY REQUIRE 7 TO 21 DAYS OR MORE TO OBTAIN, THEREFORE PROVIDE THIS OFFICE WITH ADVANCE NOTICE OF THE ANTICIPATED CLOSING. Note: The Office of the Recorder of Deeds will assess the following charges in connection with transfers submitted for recordation, unless an exemption can be established: (1) Transfer Tax (deeds only): See this link for rates (2) Recordation Tax (deeds and deeds of trust): See this link for rates Chicago Title NCS DC l MD Page 84
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