Legal Question in Real Estate Law in Maine
Real Estate title insurance
Is it legal for the title company conducting the closing on a cash sale of a home in Maine to require the buyer to purchase title insurance at the time of closing in addition to the regular fee for doing the closing?
2 Answers from Attorneys
Re: Real Estate title insurance
No- that cannot be required. If it is required as part of the closing, then you should immediately find someone else to do the closing.
My office performs many closings each week, and although we always suggest title insurance as a protection for the buyer, we also make it clear that it is optional. In addition, the Closing agent can and should have the buyer sign a form acknowledging that the insurance was offered but declined.
Re: Real Estate title insurance
No- that cannot be required. If it is required as part of the closing, then you should immediately find someone else to do the closing.
My office performs many closings each week, and although we always suggest title insurance as a protection for the buyer, we also make it clear that it is optional. In addition, the Closing agent can and should have the buyer sign a form acknowledging that the insurance was offered but declined.
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