Title searches play a vital role in property transactions, serving as a critical step for issuing title insurance, which requires a thorough understanding of the property’s history.
On this episode of Private Practices in Maine, Michael reintroduces Brendan Barry, associate attorney at The Malloy Firm, to unravel title searches and their influence on securing title insurance. Michael and Brendan explain what a title search entails, emphasizing the skill and professionalism needed for deciphering the information it provides.
As the title search reveals the property’s history, Michael and Brendan explain how this relates to having a marketable title, some peculiarities of property descriptions in New England, and the insights land surveys offer regarding property boundaries. They also elaborate on when a full land survey might be required or requested by a mortgage company.
Michael and Brendan expand upon the following:
- Performing a title search means combing through a property’s history and determining who owned the property in the past, plus all of the things that may have happened to the property. These searches are performed backward in time, beginning with the present day.
- A marketable title means that the title is reasonable and acceptable as an exchange. It does not necessarily mean that there are no encumbrances or defects to the property.
- Beginning a title search as early in the property transaction process as possible is best. You cannot know how long a title search will take until you start the search process.
Michael and Brendan offer an in-depth understanding of title searches and how they relate to the conveyance of properties.
If you want to learn more about Private Practices in Maine, check out https://malloyfirmmaine.com/ppm016.