Maine Abstract of Title is a legal document that serves as a comprehensive summary of the history and ownership of a specific piece of real estate in the state of Maine. It provides essential information to potential buyers, lenders, and attorneys, allowing them to assess the property's ownership rights, liens, encumbrances, and any legal issues associated with it. The Maine Abstract of Title contains a chronological record of all relevant documents, such as deeds, mortgages, tax liens, judgments, and easements. These documents are compiled from various sources, including county land records, probate court records, and municipal records. The abstract typically includes information on the property's current and past owners, transactions, and any legal actions that may have affected its ownership. Several types of Maine Abstract of Title exist, each serving a specific purpose within the real estate industry: 1. Current Abstract of Title: This type provides up-to-date information on the property's ownership and any encumbrances or liens that may affect its marketability. It is commonly used during the sale or purchase of real estate. 2. Two-Owner Abstract: This type focuses on the chain of ownership for two specific time periods. It is often requested when there is a need to investigate the property's history over a relatively shorter period. 3. Insured Abstract of Title: This type of abstract includes additional guarantees and protections provided by a title insurance company. It ensures that the information in the abstract is accurate and complete, limiting the buyer's or lender's risk. 4. Extended Abstract of Title: This type offers a more detailed historical overview of the property's ownership, going back further in time compared to a regular abstract. It may be requested when dealing with properties of significant historical value or potential legal complexities. 5. Current Owner Abstract: This abstract focuses only on the current owner of the property, detailing their ownership rights and any issues that may pose a risk to their title. Overall, the Maine Abstract of Title is a crucial tool in the real estate industry, providing a comprehensive and accurate account of a property's ownership history. It enables buyers, lenders, and attorneys to make informed decisions while ensuring the transfer of clear and marketable title.
Maine Abstract of Title
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Requirements for Recording Land DocumentsMust have a prepared document with original signatures and notary (notary must include an acknowledgement statement).Names(s) of each signer (individuals, corporations, trusts etc.)Notary/attorney name (or bar number for attorney) must be printed beneath signature line.More items...
The margin requirements for all registries is under the "Forms and Information" section. The cost of recording a document is $22 for the first page (this includes the $3 surcharge) and $2 for each additional page.
An abstract of title summarizes the various instuments and documents affecting the title to real property, whereas title insurance is a comprehensive indemnity contract under which a title insurance company warrants to make good a loss arising through defects in title to real estate or any liens or encumbrances thereon
An abstract of title summarizes the various instruments and documents affecting the title to real property, whereas title insurance is a comprehensive indemnity contract under which a title insurance company warrants to make good a loss arising through defects in title to real estate or any liens or encumbrances
An abstract of Title is is the brief chronological overview of all of the historical legal documentation associated with a property or asset, including titles, transfers and claims against the property.
Contact a title company or real estate attorney. Often title companies will employ abstractors who can research the history of your property and put together an abstract. You can also contact a local abstractor or attorney or use an online service (ex: TitleSearch or AmericanAbstract). Pay the applicable fee.
A deed to real property becomes a public document when it is recorded with the Recorder of Deeds subsequent to delivery and acceptance. The initial step in the recording process is the presentation of deed along with copies to the recorder's office in the county where the property is located.
The Maine Registers of Deeds Association is providing this official Statewide Single Web Portal through which the public can access and make copies of land records on file at the State of Maine's 18 county Registries of Deeds. This official website is the common entry point- or link - to all registries.
As the buyer of a property, you are the one responsible for recording the deed. Deeds for real estate need to be filed directly with the municipality or county where the property is located. The documents must be signed, witnessed, and notarized in order to be registered.
The physical item denoting a change of title is the deed. The abstract of title, on the other hand, is a document that summarizes the history of a specific parcel of property, from the transitions of title to legal activity.