Title insurance may seem inconspicuous in a real estate transaction, but it is a crucial element in the purchase. Its significance extends beyond the sale’s completion, safeguarding the policy holder if issues surface later.
On this episode of Private Practices in Maine, Brendan Barry, the newest associate attorney on The Malloy Firm’s legal team, sits down with Michael to explore real estate law. Brendan’s tenure began as a summer intern at The Malloy Firm, then later becoming a paralegal during his third year of law school. Now a newly licensed Maine attorney, he is focused on real estate.
Michael and Brendan delve into Brendan’s journey to becoming an attorney. The unique nature of many properties in Maine – passed down through generations – adds a distinctive flavor to practicing real estate law in the state. They provide insights into the intricacies of selling property and transferring land, along with the indispensable role of title insurance. You will hear a comprehensive explanation of what title insurance safeguards, who provides it, and the frequency of premium payments.
Navigating property purchases, whether residential or commercial, can pose challenges, making title insurance a crucial consideration.
Michael and Brendan expound upon:
- When you purchase a property, you are also purchasing certain rights associated with that land. This may include the right to exclusively possess and control the land, as well as the right to sell or mortgage it.
- Title insurance is not issued through attorneys. Instead, national carriers regulate and capitalize on it. Attorneys act as licensed agents for the carrier, initiating the policies and binding them on its behalf.
- Title insurance premiums only occur once – usually at the time of purchase or when a mortgage is issued to buy the property. Risk is calculated at the time the policy is executed.
Real estate transactions can be riddled with anxiety, but with the correct title insurance policy in place, it can be a much smoother process.
If you want to learn more about Private Practices in Maine, check out https://malloyfirmmaine.com/ppm014.