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A Practical Guide to Residential Real Estate Transactions and Foreclosures in Maine

An essential reference for your daily practice

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  • Product Number: 2130546B00
  • Publication Date: 8/9/2023
  • Edition: 3rd Edition 2023
  • Copyright: © 2023 MCLE, Inc.
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  • Product Description
  • Table of Contents
  • Editors & Authors
  • Product Description

    Product Description

    Your essential reference for handling a residential real estate transaction in Maine from start to finish. Among the many important topics covered, you will learn the right questions to ask when meeting your client for the first time; how to effectively work with the real estate agent to ensure a smooth transaction; how to draft a proper and effective deed; and the nuances of liens, leasehold interests, and easements. The purchase of a home is often a once-in-a-lifetime experience for the buyer; this book will help ensure it is a positive experience for all involved.

    Recent updates:

    • Update: August 2023

      Dear Subscriber:

      Thank you for updating your library with the latest version of A Practical Guide to Residential Real Estate Transactions and Foreclosures in Maine . This newly revised publication brings updated resources within your immediate reach—for fast, accurate, and practical answers to your questions in this highly challenging area of practice.

      Highlights from the 2023 edition include

      • updated guidance on drafting and negotiating purchase and sale agreements;
      • a newly added discussion on the doctrine of equitable conversion;
      • increased use of e-recording procedures, now in use in all but one Maine county;
      • a revised uniform law on notarial acts effective July 1, 2023, allowing for remote online notarization where cer-tain guidelines are followed;
      • a challenge to scenic view easements established by the Saco River Corridor Commission;
      • a Maine Supreme Judicial Court decision upholding a judgment against a condominium association for inade-quate maintenance and a failure to hold formal votes;
      • a detailed discussion of foreclosure-related requirements and the right to cure in particular;
      • a conclusion by the Maine Supreme Judicial Court that the failure to complete foreclosure diversion program (FDP) mediation precluded the entry of summary judgment on behalf of the foreclosing parties;
      • reference to a database of the Federal Financial Institutions Examination Council used to track down the assets of lenders that are no longer operating;
      • a decision awarding equal ownership in a tenancy in common despite one cotenant's payment of the entire purchase price and an alleged oral promise by the other to pay one-half of the price; and
      • a decision construing the term "purchaser at the public sale" in establishing the amount of the deficiency that may be recovered on the sale of foreclosed property.

      We trust you will find this updated version of A Practical Guide to Residential Real Estate Transactions and Foreclosures in Maine an invaluable resource for your practice.

      Very truly yours,

      John M. Lawlor, Esq., MCLE Publications Attorney

  • Table of Contents

    Table of Contents

    expand all
    Chapter 01 expand

    Initial Client Contact and Meeting

    Buy Chapter

    Checklist 1.1

    - Initial Meeting with Residential Real Estate Client: Checklist of Key Things to Remember Buy Form

    Exhibit 1A

    - Client Engagement Letters Buy Form

    Exhibit 1B

    - Client Termination Letter Buy Form

    Exhibit 1C

    - Conflict Letters Buy Form

    Exhibit 1D

    - Seller Disclosure of Lead-Based Paint Buy Form

    Exhibit 1E

    - Seller Disclosure Form Buy Form
    Chapter 02 expand

    Exhibit 2A

    - Lead Paint Disclosure Form Buy Form

    Exhibit 2B

    - Cover Page of EPA Booklet on Lead Paint Buy Form

    Exhibit 2C

    - State Form for Lead Paint Disclosure Buy Form
    Chapter 03 expand

    Working with the Real Estate Agent

    Buy Chapter

    Exhibit 3A

    - Maine Real Estate Commission Real Estate Brokerage Relationships Form Buy Form

    Exhibit 3B

    - Initial Memorandum to Buyer Buy Form

    Exhibit 3C

    - Initial Memorandum to Seller Buy Form

    Exhibit 3D

    - Buyer Information Sheet Buy Form

    Exhibit 3E

    - Seller Information Sheet Buy Form

    Exhibit 3F

    - Broker Information Sheet Buy Form

    Exhibit 3G

    - Authorization to Release Information Buy Form

    Exhibit 3H

    - Maine Revenue Services Property Tax Notice Buy Form
    Chapter 04 expand

    Checklist 4.1

    - Elements to Remember When Reviewing a Deed to Residential Real Property Buy Form
    Chapter 05 expand

    Residential Mortgages

    Buy Chapter
    Forrest C. Peterson, Esq., Old Republic National Title Insurance Company

    Exhibit 5A

    - Letter of Nonrepresentation Regarding Loan Closing Buy Form

    Exhibit 5B

    - Sample Compliance Agreement Buy Form

    Exhibit 5C

    - Trustee Certificate Buy Form

    Exhibit 5D

    - 33 M.R.S. § 508: Nominee Mortgages Buy Form

    Exhibit 5E

    - Statutory Short Form Mortgage Buy Form

    Exhibit 5F

    - Private/Seller Financing Mortgage Buy Form

    Exhibit 5G

    - Biweekly Payment Rider Buy Form

    Exhibit 5H

    - VA Assumption Rider Buy Form

    Exhibit 5I

    - Condominium Rider Buy Form

    Exhibit 5J

    - Adjustable Rate Rider Buy Form

    Exhibit 5K

    - Inter Vivos Revocable Trust Rider Buy Form

    Exhibit 5L

    - Planned Unit Development Rider Buy Form

    Exhibit 5M

    - Second Home Rider Buy Form

    Exhibit 5N

    - Construction Loan Rider Buy Form

    Exhibit 5O

    - Short Form Acknowledgment Buy Form

    Exhibit 5P

    - Subordination Agreement Buy Form

    Exhibit 5Q

    - Parties in Possession Affidavit Buy Form

    Exhibit 5R

    - Broker’s Lien Waiver Buy Form

    Exhibit 5S

    - Mechanic’s Lien Affidavit Buy Form

    Exhibit 5T

    - Private/Seller Financing Note Buy Form

    Exhibit 5U

    - Partial Release of Mortgage Buy Form

    Exhibit 5V

    - Assignment of Mortgage Buy Form

    Exhibit 5W

    - Discharge of Mortgage Buy Form
    Chapter 06 expand

    Condominium Ownership

    Buy Chapter

    Exhibit 6A

    - Sample Warranty Deed for Condominium Unit Buy Form

    Exhibit 6B

    - Sample Condominium Plans Buy Form

    Exhibit 6C

    - Sample Condominium Association Articles of Incorporation Buy Form

    Exhibit 6D

    - Sample Condominium Lien Buy Form

    Exhibit 6E

    - Sample Resale Certificate from Condominium Association Buy Form
    Chapter 07 expand

    Title Holder

    Buy Chapter
    James A. Hopkinson, Esq., Hopkinson & Abbondanza
    Chapter 08 expand

    Title Examinations and Title Issues

    Buy Chapter

    Exhibit 8A

    - Probate Abstract Buy Form

    Exhibit 8B

    - Title Data Summary Sheet Buy Form

    Exhibit 8C

    - Title Examinations and Title Issues: Online Resources Guide Buy Form

    Exhibit 8D

    - Legal Description and Sketch Buy Form

    Exhibit 8E

    - Chain of Title Buy Form
    Chapter 09 expand

    Title Insurance

    Buy Chapter
    Forrest C. Peterson, Esq., Old Republic National Title Insurance Company
    William R. Walsh, Esq., Old Republic National Title Insurance Company

    Exhibit 9A

    - ALTA Closing Protection Letter—Single Transaction Buy Form

    Exhibit 9AA

    - ALTA Endorsement 14.3: Future Advance—Reverse Mortgage Buy Form

    Exhibit 9B

    - ALTA Commitment for Title Insurance Buy Form

    Exhibit 9BB

    - Secondary Mortgage Market Endorsement Buy Form

    Exhibit 9C

    - ALTA Homeowner’s Policy of Title Insurance Buy Form

    Exhibit 9CC

    - Sample Seller/Owner Title Insurance Affidavit Buy Form

    Exhibit 9D

    - ALTA Expanded Coverage Residential Loan Policy of Title Insurance Buy Form

    Exhibit 9DD

    - Sample Residential Mortgage Survey Affidavit Buy Form

    Exhibit 9E

    - ALTA Endorsement 13-06: Leasehold—Owner’s Buy Form

    Exhibit 9F

    - ALTA Endorsement 13.1-06: Leasehold—Loan Buy Form

    Exhibit 9G

    - ALTA Owner’s Policy of Title Insurance Buy Form

    Exhibit 9H

    - ALTA Loan Policy of Title Insurance Buy Form

    Exhibit 9I

    - Sample Owner’s Policy Schedule Buy Form

    Exhibit 9J

    - Sample Loan Policy Schedule Buy Form

    Exhibit 9K

    - ALTA Endorsement Chart Buy Form

    Exhibit 9L

    - ALTA Endorsement 4: Condominium—Assessments Priority Buy Form

    Exhibit 9M

    - ALTA Endorsement 4.1: Condominium—Current Assessments Buy Form

    Exhibit 9N

    - ALTA Endorsement 5-06: Planned Unit Development—Assessments Priority Buy Form

    Exhibit 9O

    - ALTA Endorsement 5.1-06: Planned Unit Development—Current Assessments Buy Form

    Exhibit 9P

    - ALTA Endorsement 6-06: Variable Rate Mortgage Buy Form

    Exhibit 9Q

    - ALTA Endorsement 6.2-06: Variable Rate Mortgage—Negative Amortization Buy Form

    Exhibit 9R

    - ALTA Endorsement 7-06: Manufactured Housing Unit Buy Form

    Exhibit 9S

    - ALTA Endorsement 7.1: Manufactured Housing—Conversion—Loan Policy Buy Form

    Exhibit 9T

    - ALTA Endorsement 7.2: Manufactured Housing—Conversion—Owner’s Policy Buy Form

    Exhibit 9U

    - ALTA Endorsement 8.1: Environmental Protection Lien Buy Form

    Exhibit 9V

    - ALTA Endorsement 9-06: Restrictions, Encroachments, Minerals—Loan Policy Buy Form

    Exhibit 9W

    - ALTA Endorsement 9.2-06: Covenants, Conditions and Restrictions—Improved Land—Owner’s Policy Buy Form

    Exhibit 9X

    - ALTA Endorsement 9.3-06: Covenants, Conditions and Restrictions—Loan Policy Buy Form

    Exhibit 9Y

    - ALTA Endorsement 9.10-06: Restrictions, Encroachments, Minerals—Current Violations—Loan Policy Buy Form

    Exhibit 9Z

    - ALTA Endorsement 14.1: Future Advance—Knowledge Buy Form
    Chapter 10 expand

    Liens and Leasehold Interests

    Buy Chapter
    Stephanie G. Albert, Esq., Preservation Management Inc.
    James B. Barns, Esq., Maine Title Services LLC

    Exhibit 10A

    - Residential Energy Efficiency Disclosure Statement Buy Form

    Exhibit 10B

    - Sample Forcible Entry and Detainer Complaint Buy Form
    Chapter 11 expand

    Exhibit 11A

    - Sample Easement Buy Form

    Exhibit 11B

    - Sample Road Maintenance Agreement Buy Form
    Chapter 12 expand

    Closings

    Buy Chapter
    Caitlin F. DiMillo, Esq., Spinnaker Trust
    James A. Hopkinson, Esq., Hopkinson & Abbondanza

    Exhibit 12A

    - Sample Introductory Letter Regarding Closing for a Purchaser Buy Form

    Exhibit 12B

    - Sample Introductory Letter Regarding Closing for a Borrower Buy Form

    Exhibit 12C

    - Sample Closing Disclosure Buy Form
    Chapter 13 expand

    Checklist 13.1

    - Documents That Must Be Sent at Filing of Complaint for Foreclosure Buy Form

    Exhibit 13A

    - Military Status Report Buy Form

    Exhibit 13B

    - PACER Form Buy Form

    Exhibit 13C

    - Sample Clerk’s Certificate Buy Form

    Exhibit 13D

    - Summary Sheet Buy Form

    Exhibit 13E

    - Foreclosure Diversion Program: Response to Complaint and Request for Mediation Buy Form

    Exhibit 13F

    - Foreclosure Mediation Information Provided by Defendant Buy Form

    Exhibit 13G

    - Foreclosure Mediation Information Provided by Plaintiff Buy Form

    Exhibit 13H

    - Draft Summons Buy Form

    Exhibit 13I

    - Checklist to Evaluate Mortgagee’s Compliance with Requirements Set Forth in Chase Home Finance, LLC v. Higgins Buy Form
  • Editors & Authors

    Editor(s)

    Author(s)

    Stephanie G. Albert, Esq., Preservation Management Inc., South Portland
    James B. Barns, Esq., Maine Title Services LLC, Falmouth
    Christopher L. Brooks, Esq., Drummond Woodsum, Portland
    John A. Cunningham, Esq., Eaton Peabody PA, Brunswick
    Caitlin F. DiMillo, Esq., Spinnaker Trust, Portland
    Carl R. Griffin, III, Esq., Griffin & Harris, Boothbay Harbor
    Donald E. Guild, Esq., MaineHousing, Augusta
    James A. Hopkinson, Esq., Hopkinson & Abbondanza, Portland
    Forrest C. Peterson, Esq., Old Republic National Title Insurance Company, Portland
    William R. Walsh, Esq., Old Republic National Title Insurance Company, Portland
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