Reviewing the title is one of the most essential aspects of finalizing a real estate deal. The title landscape is diverse, and having a comprehensive understanding of the relevant title in your transaction is imperative.
In the latest episode of Private Practices in Maine, Michael brings back his associate attorney, Brendan T. Barry, to delve deeper into real estate title and their influence on business acquisitions. Brendan specializes in real estate law, focusing on title and providing insights to unravel their complexities alongside Michael.
To start their conversation, Brendan explains the concept of a deed and the types of property deeds. The discussion unfolds to reveal how attorneys trace title transfers, the mandated duration for tracing their history in the state of Maine, and the significance of warranty deeds. Finally, Michael and Brendan expound upon the six promises encapsulated in a warranty deed, outlining the advantages it offers to both buyers and sellers.
Some important points of Michael and Brendan’s conversation include:
- The definition of a deed is an instrument or written document saying that the seller of a property grants all of their ownership interest in a property to the purchaser. It is an instrument of conveyance.
- Maine only requires that the validity of the conveyance of a title goes back 40 years. Each state or jurisdiction sets its own requirements for this historical accounting.
- The Registry of Deeds database traces the history of property transactions and can go as far back as the country’s foundation.
- A warranty deed makes six promises to the buyer and seller in a property transaction.
- The differences between the various types of property deeds and what to be aware of.
To understand more about real estate titles and how they can impact buying and selling a property, tune into this discussion with The Malloy Firm’s Brendan T. Barry.
If you want to learn more about Private Practices in Maine, check out https://malloyfirmmaine.com/ppm015.