Reviewing the title is one of the biggest items in closing a real estate deal. There are many types of deeds, and understanding the ins and outs of the one that applies to your situation is critical.
On this episode of Private Practices in Maine, Michael welcomes attorney Brendan Barry back to the show to continue their discussion surrounding real estate title and how they impact the purchase of a business. Brendan is an associate attorney on staff at The Malloy Firm and has a particular interest in real estate law, particularly title. He helps Michael break down the intricacies surrounding real estate titles.
To begin their conversation, Brendan defines basic real estate terminology, such as what a deed is and the different types of deeds. You will hear how attorneys trace title transfers, how long they are required to trace the title in the state of Maine, and what it means to have a warranty deed. Finally, Michael and Brendan explain the six promises a warranty deed makes and what they do for buyers and sellers.
Real estate transactions can be tricky, especially when purchasing a business, and Michael and Brendan are making real estate title easier to understand and execute.
In this episode, you will hear:
- The definition of a property deed and how it acts as an instrument of conveyance
- What the Registry of Deeds is, and how it impacts the buying and selling of real estate
- The ability to trace every transaction on a property and why it is not necessary today in Maine
- Maine’s requirement to trace property transfers back 40 years until a warranty deed is discovered
- The purpose of a warranty deed and the six promises it makes
- Other types of deeds and how they affect the transference of properties
- The benefit of a warranty deed when buying or selling a property
Resources from this Episode
Website – malloyfirmmaine.com
Phone – (207) 333-6700
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