How do I choose my attorney or title company?
Your lender will have a form that enables you to choose from a list of approved attorneys or title companies. However, you have the right to choose an attorney not on the list whot would search the title of the property you are purchasing.
Who chooses the closing agent?
Your lender chooses the closing agent, which may be the same attorney that searches the title as well.
What is title?
A legal right of possession and control of land; and the deed is the document that provides that evidence.
What is a title search?
In order to insure the title for you and your lender, a title search in accordance with the Maine Standards of Title adopted by the Maine State Bar Association needs to be completed. It includes a review of the description of the property as well as researching the history of the ownership of the property at the appropriate Registry of Deeds. This process often reveals any title problems. Not all problems are revealed, for instance fraud and forgery, but these are uncommon occurrences.
What is title insurance?
Title insurance is a one time premium that is paid at closing and will offer protection to the new owner and their lender as they enter the chain of title to the property being purchased. Title insurance can protect against the problems that may arise as a result of future claims against the title, such as the claim by an heir or a creditor of a prior owner.
How much is the title insurance premium?
It depends on the home you are buying. Please contact us for a premium quote.
How much money will my closing costs be?