Maine Nesties
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Real Estate Lawyer
Is it really necessary to hire a lawyer when buying a house in the Old Town area north of Bangor? My father (from New York) tells me it is, I am a cheep stubborn Yankee and think it's foolish. But I'm open to ideas and reason.
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Re: Real Estate Lawyer
Ditto this- title insurance is ultra important!
I also think that in some states it is required to have a RE lawyer, it's not in Maine.
We just had an REA, a bank, a title company, and an inspector. We also bought title insurance, which protects you if the title company missed something.
Unless you specify a preference, your mortgage company will pick a title company to use. They research the title history for the property to make sure there are no unknown liens or other issues which would bring into question the ownership of the property. No mortgage company will let you buy a property without a clean title.
Title insurance comes in two parts - lender's insurance and owner's insurance. Your lender will require that you purchase a lender's policy. The owner's policy is optional but I would absolutely purchase it. The lender's policy only protects their interest in the property; the owner's policy protects your interest in the property. It's rare, but if there was a big oversight or fraud you could potentially lose your house if the title wasn't transferred properly at some point in the past. Your title insurance would provide legal defense against claims on your property.
Before you get too far in the home buying process, I'd recommend reading a book on the process. There is a lot to learn! Nolo's Essential Guide to Buying your First Home looks to be a good choice.