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

Follow and Review:

We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Episode Credits:

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.

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

Follow and Review:

We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.

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

Follow and Review:

We’d love for you to follow us if you haven’t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.