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Someone Says Two Little Words In A Maine Real Estate Sale, “Title Problems”.

Someone Says Two Little Words In A Maine Real Estate Sale, “Title Problems”.

When you have a Maine real estate property listing under contract, you don’t want any derailments.

Headed down the conveyor belt toward a closing, not the time you want to have someone say those two words you don’t want to hear. But they come up in a property sale.

“Title problems” when said or read can make you think oh oh.

Easy to jump to the wrong conclusion and fear the worst possible.

Especially if it is the Maine real estate seller or buyer that hears “title problems” finding uttered first.

Because they don’t as a rule do lots of real estate sales.

Don’t see all the garden variety type of title problems that come up. So the first thought is the there goes the sale, dreams are broken. Instant heart break occurs.

 In our experience it is pretty rare to have the property title ito the Maine real estate so so messed up no one will ever be able to fix the flaws.

The conclusion right off the bat buyers and sellers race to is talked over. As we explain the problem. Settle everyone down. For the what do we do now. What are the options.

The cost in money and time to cure the issues. Small Maine town living is simple. Don’t make a mountain out of a mole hill approach applied to the day to day.

Clearing the title problem on the Maine real estate.

church country photoOr getting title insurance to cover the blemish and bruises on the chain of property title.

More often than not the problem is an old undischarged tax lien.

That is like a hang nail called a medical problem.

Put on back a decade ago, only one and the late to pay the taxes years back.

The lien on the property, Maine land never discharged that is recorded at the local registry of deeds. Simple release from the Maine town government the real estate is located in and we are back in business. Cooking with gas. Clear sailing resumed.

Often the title problem is more of a surveying issue.

The deed description lets you know which town the property is in but refers to lake mist photothe three sides, boundaries as you need to go see Tom, Dick and Harry’s deed for more.

Which examination of those deeds are just often just as vague. Loose as a goose.

No numbers, metes and bounds. No rock walls or thread of a brook described as the line so easy to find any of the three blind mice could walk the line.

Or the Maine property was traded for three pigs and a chicken. No bank title search for heirs that did not sign off. No survey to make it neat and tidy.

Handwritten deed on a napkin at the diner and done barnyard style.

Can work, be legal, just without the blue wrapper the legal beagle’s secretaries wrap them in. But make sure those deeds, all of them get recorded. Put on file for the World to see.

maine deer photoEasements not known about but with the title search they surface.

Raise their ugly head. But have not been used for years. Was so farm animals could go down across the land to water at the river.

Or for entry to a rear field and the original grantee, user is long gone.

Six feet under. Pushing up daisies.

Or the owner of that piece now that needed easier access has built a driveway from the other side. Closer to the power lines, main highway. Where they wanted to build their home in the perfect spot.

So can you track down and get a release quickly and how big a King’s ransom are they looking for to sign off if they even will?

Or can folks buying live with the 99% probability never going to be used but no, can not guarantee it for certain. Or bank says no dice, forget a mortgage unless you can get rid of the easement. No ifs, ands or buts.

Another common title problem that is not to get your knickers in a knot over are undischarged mortgages. The mortgage on the property was long paid for but never discharged. Nothing put on record that everything was paid in full to make it free and clear. Mortgage free and ready to refinance.

Bolt on another new mortgage and terms, conditions.

If the Maine bank has gone out of business, or the owner financed sale grantor, owner is gone, it can make the Hardy Boy adventure to track down the appropiate parties with the authority to sign off more difficult.

Another title problem we see in Maine real estate sales is deeds with minors on the title.

Not eighteen yet and here we go. To see, we need to see the judge, get a guaradian ad litem appointed and make sure the minor’s interests are protected, considered. Lots of expensive trips up and down court house steps.

Mom and Dad are hopping mad because they are the ones that put the title in the kid’s name. And figure just as easy with the stroke of a pen to yank it back. Nope, does not work that way.  So when you hear title problems on a Maine real estate deal, take a deep breath and just ask what kind?

I’m Maine REALTOR Andrew Mooers, ME Broker

207.532.6573  |   [email protected]   |  MOOERS REALTY 69 North St Houlton ME 04730

 

 

 

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Andrew Mooers

Welcome to our Maine real estate website. I am the father of four grown children, have listed, marketed, sold properties for close to forty years. Lots of changes in the real estate industry over that many decades and daily we re-invent our job. I grew up on a Maine farm that I bought from by three older brothers. My youngest son continues in the tradition on that same Maine farm. Here to help with property searches for homes, farms, land, waterfront, multi housing rentals, small mom and pop business listings.

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