FAQs

Why Old Port Title?

In Maine, all purchasers have the right to choose the Company who conducts the title search for their transaction.  Our clients choose us because we pay close attention to the details of every transaction to facilitate a smooth closing.  Our office staff and experienced real estate attorneys meticulously prepare and review closing documents to ensure every client’s unique needs are met.

What’s included in a title search?

A title search is a review of all the recorded documents affecting a specific piece of property to determine the present condition of the title.  While many title companies in Maine do only 10-year searches for most transactions, Old Port Title does a full 40-year search in accordance with the Maine State Bar Association Title Standards.  This makes it more likely that past issues are uncovered and addressed. It further helps to ensure that you receive good and marketable title in the property you are interested in purchasing.

Why do I need title insurance?

Unlike homeowners insurance that protects you against future loss, title insurance protects you and/or your lender against defects in your title that a thorough search of public records does not disclose such as the following:

  • Incorrect information in deeds, mortgages, public records such as wrong names, forgeries, etc.
  • Liens or claims against the property that were never properly recorded.
  • Claims to ownership such as a spouse of a former owner or undisclosed or missing heirs
  • Invalid deeds such as those by minors, those mentally incompetent or even those by people who did not actually own the property.
  • Property disputes and boundary issues that affect access to the property.

Why do I need Owner’s title insurance?

Title insurance protects your assets. It gives you the assurance that undiscovered possible clouds on title to the property you are purchasing don’t threaten your ownership or use of the real estate. An owner’s title policy insures that covered claims arising from the past are disposed of or that you will be reimbursed in accordance with your policy for any damages and costs suffered including in most cases your legal fees.

Why do I need a separate policy if I am already buying title insurance for the bank?

The bank policy covers the bank, up to the amount of the mortgage, which is reduced as the loan is paid off.  The bank’s policy does not cover the borrower and property owner’s interest at all.  The bank’s interest and coverage is limited to its rights in foreclose or in the event of the borrower’s default.  A title defect can significantly impair a property owner’s assets without the bank’s policy ever being triggered.