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Maine Quitclaim, Warranty Deeds & Everything In Between.

Someone’s second cousin who knows enough about real estate law to be dangerous says to make sure you get a warranty deed to the Maine property.

He seems to think that is all that matters, the type of deed. The reality is there are three primary types of deeds used predominantly in Maine and the title behind the real estate is way way more important that the deed type itself. For a quick lesson, a quitclaim deed is often used by government entities, and when you convey whatever interest you have if any in the property. A quitclaim with covenant says you will stand behind, defend the title against claims since you have owned the property but not before. A warranty deeds says you will defend any and all claims against the title but again, to enforce it requires lawyers, courts, expense and lots of time to pursue that enforcement of that defense. A title search usually goes at least 40 years back to establish a good merchantable title.

Again, a quality title is more important than the deed instrument used to do the conveyances in a sale or transfer. 

These are also trustee deeds, release deeds, municipal deeds for variations of conveyances serving difference purposes, with limitations, guarantees that vary. As in any legal matter, consult an attorney to look into other matters involved in a sale too like joint tenancy or tenants in common when buying or selling property with aniother person. Usually with say two brothers who own a hunting camp together, there would be a deed that is held as tenants in common so upon the death of one, his half interest goes to his children, heirs. With joint tenancy as in the case of a married couple, if one deceases, the other that survives inherits all the interest of the other. See an attorney, and for tax matters, consult an accountant trained to help you in your particular need or situation before next April 15th when you learn what you should have done after it is too late .

Maine REALTOR Andrew Mooers

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