While title insurance may seem like a small component in a real estate transaction, it is one of the most important pieces of the real estate transaction puzzle. It protects the policy holder even after the sale is completed if issues arise.
On this episode of Private Practices in Maine, Michael introduces us to Brendan Barry, the newest associate attorney on staff at The Malloy Firm. Brendan began his tenure at The Malloy Firm as a summer intern and continued to work through his third year of law school as a paralegal. He recently became a fully licensed Maine attorney and is particularly interested in real estate law.
Michael and Brendan begin their conversation with Brendan’s decision to become an attorney and his interest in real estate. Many properties in Maine have been handed down through the generations, making it a unique place to practice real estate law. You will hear about selling property and transferring land and why title insurance is essential. They also explain what title insurance protects, who issues title insurance, and how often you pay the premiums for it.
Purchasing a property, whether residential or commercial, can be tricky. One way to avoid future hiccups is to ensure you have the proper insurance. To learn more about how title insurance is beneficial during a real estate transaction, tune in for this informative conversation with Brendan Barry.
In this episode, you will hear:
- An introduction to Brendan Barry, the newest attorney at The Malloy Firm. What drew Brendan to business law versus becoming a litigator and his family’s involvement in owning a business
- The process of selling and transferring land and the importance of title insurance in that process
- An explanation of title insurance’s role in the buying and selling transaction
- Why properties that are handed down generationally through families often do not have title insurance
- Who originates title insurance policies and The Malloy Firm’s role as a licensed agent of the insurance carrier
- The benefits a title insurance policy can provide to an owner if a claim is filed and examples of circumstances that might prompt an owner to file a claim
- How often title insurance premiums are paid, how the insurance company evaluates risk, and what exceptions to the policy they can put into place
Resources from this Episode
Website – malloyfirmmaine.com
Phone – (207) 333-6700
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