I read an article recently about Maryland consumers who were going to be reimbursed for overpayment of recordation taxes, in some cases from a closing that occurred more than 5 years ago. It stems from a complaint that was filed by one consumer against the title company in question (one that runs their business out of Pennsylvania), which launched an investigation on the company by the Maryland Insurance Administration.
The article does not go into whether these overpayments were fraudulently charged or if they were just miscalculations, but in any case, any overpayment would have been quickly realized once the consumer's loan documents and/or deed was sent in for recordation, as the treasury and land records offices in Maryland usually have policies in place in which they will reject a document for recording if the check is over by more than a very small amount (typically around $10.00). So my only assumption is that the amounts collected by the title company were deliberately overcharged and paid over to themselves.
There are ways to double-check the taxes that are being charged at a closing - for starters, you can call the county directly and see if they will assist you over the phone with calculating the various taxes. Or alternatively, ask them for the rates so that you can calculate them yourself.
But really what this all boils down to is the importance of finding a title company not only with a stellar reputation, but one in which you yourself trust. Core Title Group will certainly not play with your money. For starters, I would never allow my company or my bar license to be put on the line for a few extra bucks. We have never had a claim against us, nor have we ever been "dropped" by an underwriter. I hope that speaks to you about how we do business. As hard as it may seem in this day and age, it is still possible to find honest people out there.
As always, have a warm and safe weekend everyone!
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