Title searches are a crucial part of a property transaction. For title insurance to be issued, the property’s history must be known, which is where a title search comes into play.
On this episode of Private Practices in Maine, Michael welcomes Brendan Barry, associate attorney at The Malloy Firm, back to the show to continue their discussion on real estate transactions. This time, they’re breaking down title searches and how they impact the ability to obtain title insurance.
Michael and Brendan begin their discussion by explaining what a title search is and how to perform them. Once a title search is complete and the property’s history is evident, Michael and Brendan explain how that relates to title insurance and the issuance of a policy. You will also hear what it means to have a marketable title, the curious property descriptions you may find in New England, and what land surveys can tell you about a property’s boundaries.
Knowledge is power, and Michael and Brendan want to put more power in your pocket as they outline more steps in the property transaction process.
In this episode, you will hear:
- What a title search is and the steps attorneys take to conduct a title search
- The skill and professionalism required to decipher the large amount of information a title search will provide
- The information included in a summary following a title search, which is used to prepare a title insurance commitment
- Marketable title, what it means, and who decides what a marketable title is
- How land boundaries are described in the Registry of Deeds and the ways in which those are used for title examination and insurance
- When land surveys are conducted and who requests them
- The conversation to have with your lender to get a title search completed earlier in the process of purchasing a property
- Maine title standards and how they impact marketability
Resources from this Episode
Website – malloyfirmmaine.com
Phone – (207) 333-6700
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