Simple real estate transfer in Maine?

[krp8128]

Got an opportunity to pick up some real estate abutting a current property up in Maine. I'm familiar with the lot, and I have no reason to have anything surveyed or have a title search done as the entire plot was done at the same time.

What's the simplest way to handle the transaction? As far as I am concerned I pay the guy, make sure the deed is transferred and pay my taxes.

[scmartin69]

Got an opportunity to pick up some real estate abutting a current property up in Maine. I'm familiar with the lot, and I have no reason to have anything surveyed or have a title search done as the entire plot was done at the same time.

What's the simplest way to handle the transaction? As far as I am concerned I pay the guy, make sure the deed is transferred and pay my taxes.

Well...
Unfortunately (at least in NV/CA) it's not that simple--call a title co and maybe buy a beer for a realtor friend (be careful what you say though). Title shouldn't be that much for dirt and hopefully the seller is cool with everything.

Sent from my SM-G986U using Tapatalk

[MakersTeleMark]

You could just get an O&E report for a dollar or two from a title company and do a quit claim deed if you are willing to deal with the risk, but that would be in Colorado, and I don't know if Maine has the legal equivalent.

[Core Shot]

If Maine is anything like the rest of New England. They don’t believe in title companies. Lawyers do the research work and get paid and then there is title insurance.


If you go naked, take the time to go to the county deed office and look for anything recorded since the last deed and mortgage. That’s the bare minimum.
More extensive is to go back to the subdivision title.

PS. More importantly get the legal document right. Exact seller name and exact legal description. Get a copy of his deed and copy pasta to the new form. You could even white out his deed and write in the new names and dates.
Notary signature is also worth getting.

[easyrdr]

Quit claim deed is the simplest way but gives you no protection if something isn't right.

[schuss]

If Maine is anything like the rest of New England. They don’t believe in title companies. Lawyers do the research work and get paid and then there is title insurance.


If you go naked, take the time to go to the county deed office and look for anything recorded since the last deed and mortgage. That’s the bare minimum.
More extensive is to go back to the subdivision title.

PS. More importantly get the legal document right. Exact seller name and exact legal description. Get a copy of his deed and copy pasta to the new form. You could even white out his deed and write in the new names and dates.
Notary signature is also worth getting.

What? In NH there's definitely a ton of title work.

[Core Shot]

I think NH is also a lawyer state.
Lawyer does title research. Then hires title insurance co to back up his research.

It was different in IL. We just called chicago title and trust and they updated the file they had since the chicago fire. No lawyer bothered wasting time with research.

[XXX-er]

Isnt this kind of important, how much money are we talkin ?

[Core Shot]

Isnt this kind of important, how much money are we talkin ?

Short money.

Most closings are $500 for lawyer. Less than $1k at most.
Title Insurance also is cheap. I usually buy it.

I could do my own. But banks want real lawyers on the case. Haven’t bought any property for cash. Yet.

[XXX-er]

But banks want real lawyers on the case. Haven’t bought any property for cash. Yet.

And who can blame the banks ?

By how much money I mean how much $$$$$$ is the OP spending on the property and so is it worth doing right ?

In BC I think you need a lawyer I forget what L Hutz charged me probably about a K but its money well spent to get it all correct IMO

[krp8128]

By how much money I mean how much $$$$$$ is the OP spending on the property and so is it worth doing right ?

$50k, no banks involved. I'm not concerned about the title search as the land was divided in 2008 and I have title searches for adjacent parcels. Prior to 2008 it was a much larger tract, and prior to that it was unincorporated territory. So the entire history is 4 owners.

[BFD]

I think in Maine you can do a quit claim deed. I sold two properties this year that way. The buyers wanted a title search and had the title company record. When I got divorced I tried a quit claim deed myself. Recorder's office sent it back because the margins were wrong. Took a few tries so make sure you get the form correct. Value of property makes no difference. Things like easements are going to be the same level of hassle regardless of the lot value. You should be able to go to the recorder's office website to find encumbrances on property.