Legal Question in Real Estate Law in Maine
Title Insurance for the buyer
If I am buying a condominium from a seller in a 100 unit condominium project, do I need buyer's title insurance and why or why not?
Asked on 4/15/09, 11:00 pm
1 Answer from Attorneys
Elliott Teel
Teel Law Office
Re: Title Insurance for the buyer
Title insurance protects you if there are old claims to the property that would have priority to your purchase. For a large condominium project, I would be surprised if that had not already been fully researched. Though there is always a chance that something is still out there.
Depending on what is in the condo declaration, the condo association might be responsible for defending against such a claim. But there is always a chance, though likely slim, that you could lose the property.
Answered on 4/16/09, 10:46 am
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