Company History

Pinnacle Title was founded in 1996 as a full service real estate settlement firm. The company is currently a Licensed Title Insurance Agent in Maryland, Virginia, The District of Columbia and Florida, and assists in arranging settlement services in many other jurisdictions. Pinnacle has a seasoned team of title insurance and settlement experts processing hundreds of purchase and loan transactions per month. We have attorneys and processors who are fluent in Spanish.

Pinnacle Title represents numerous lenders and realtors in connection with residential transactions. Pinnacle also represents builders in connection with the purchase and sale of new homes. Through our affiliated law firm, Solomon & Maged, P.C. we are able to assist clients with questions relating to legal matters and to clear title encumbrances which many settlement companies can not clear.

Our user-friendly computer and internet system allows clients online access to all of the information relating to their loan, purchase or sale. Clients can determine the status of the closing, review documents relating to the settlement and view all costs related to the settlement transaction. New clients unfamiliar with our system can either contact us online for instructions on how to use our system (just click on "Contact Us" block on the left side of this page) or call us at (301) 424-5400 for guidance on the system. Let us partner with you to make the settlement process easy and enjoyable.

Our role:
As soon as we receive a request to perform a closing we will order a title search. The title search (or abstract) will include any and all liens on the property as recorded in the Land Records of said County. The title search will also include a judgment search on the Borrowers to make sure that the property does not have lien attach due to some unpaid debt or other lien due to litigation. We will also order from any current lenders to the existing owner, written payoffs showing the amount required to pay-off any existing loans or liens against the property.

Upon receipt of the title search, the title search is examined and reviewed by an Attorney and/or a licensed settlement agent. If there are liens attached to the property, it is determined (on the 1003 provided by the mortgage broker) if said lien will be paid off in the process of the current loan. It is not uncommon to find a lien against title to the property that is unknown to the Borrower. Sometimes, prior loans secured by the property have been paid in full, however, the paperwork (a release or Certificate of Satisfaction) has not been properly completed to release the lien from the property. We will obtain lien information, track down the last settlement company involved and obtain the releases prior to the new loan being put in place since most Lenders make it a condition of the new loan that they be in “First Lien Position”. If necessary, the Title Company will obtain a Subordination Agreement from a current lien holder, if the lien is not being paid off and thus the current lien holder agrees to be placed in “Second Lien Position” to the Lender’s new loan.

Once the Abstract review is complete and title issues are resolved, we will issue and send to the Mortgage Broker a title binder also known as the title commitment. This document states that we will insure the title of the subject property. This is of primary importance to any Lender. Unless they receive “title insurance” a Lender will normally refuse to provide the loan. We will also provide an insured closing letter from the settlement company’s underwriter insuring that the Lender’s funds are protected and provide wiring instructions for funds to be sent to the settlement company’s escrow account. We will also obtain the real estate tax information for the property. Most Lenders require proof of tax payment since delinquent real estate taxes can become a lien against the property and endanger the Lender’s first lien position. To insure that funds are available to pay future real estate taxes, most Lenders require an escrow of several months of real estate tax payments. This results in one-twelfth of your insurance and taxes being added to your monthly payment (i.e. your payment includes “PITI” or principal, interest, taxes and insurance). We will also obtain payoff information from current lenders of the property, including: the principal balance of the outstanding loan, the per diem amount of interest required to payoff the existing loan, fee and penalties, and total amount required to fully payoff of the existing loan. In addition, we will comply with any local requirements relating to certificates or documentation required for recordation of the deed or deed of trust.In the case of a purchase of the property, we will also, order a survey of the property to be sure that the correct parcel is being purchased and that there are no encroachments onto the property; obtain final water bill from the property; and if applicable, obtain Home Owner’s Association payoff information. In addition to the information above, we will also prepare a HUD-1. The HUD-1 settlement statement contains a detail of all of the costs and fees that are incurred by the Borrower in connection with receiving a loan. The HUD-1 settlement statement also allocates the transfer taxes, recording costs, brokerage fees and other costs related to the sale of a property.

After the settlement is conducted, we will review all documentation to insure the accuracy of the documents, audit the HUD-1 Settlement Statement and disburse the funds of the settlement sending all proceeds to the proper place; record all deeds and deeds of trust in the applicable real property records; pay all applicable real estate taxes collected at settlement, send loan package back to Lender; prepare and provide the title insurance policy for the Lender and owner if applicable; and obtain a Certificate of Satisfaction or release from prior Lender(s) to be filed at courthouse so that the repayment of the prior loan is evidenced in the records. We are always available after settlement to answer any questions.