TITLE INSURANCE
Title insurance is an agreement to indemnify the insured for any loss sustained as a result of defects found in the title to the insured premises, which were in existence on the date of the policy, yet were not excluded from coverage by the policy terms. Ten years ago, very few residential real estate transactions in Maine involved title insurance. Title insurance companies operate through approved attorneys and/or agents. An approved attorney is one who has been accepted by the company as capable of properly and effectively practicing real estate law. A title insurance policy can be written based only on the certification of title by an approved attorney.
TITLE EXAMINATIONS
The examination of the record title to a parcel of land is an audit of all prior records to trace the ownership and examine what encumbrances such as liens for taxes, mortgage indebtedness, unpaid work, easements, leases or other agreements burden the premises. Also, a title examination can determine what appurtenances may benefit the premises.
In the State of Maine, records are recorded in the Registry of Deeds and probate court in the county where the land is located.
CLOSING SERVICES
Closing services include the preparation of documents for the purpose of finalizing residential and commercial sale and finance agreements in accordance with the requirements of financial institutions and the parties. Closing services also include acting as escrow agent and disbursement of funds.
Kennebec Title Company, Inc. has experience with most financial institutions, as well as the secondary mortgage market and offers statewide services as agents for, First American Title Insurance Company, Lawyer's Title Insurance Company, and Fidelity National Title Insurance Company.
Kennebec Title Company offers fast turnaround time, reliable service, and flexible closing arrangements.
In addition we offer an additional menu of services including: 1031 tax free exchanges, real estate tax services, credit services, flood services, general services, and foreclosure services.
