Product Description

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

Chapter 01 expand

Initial Client Contact and Meeting

Buy Chapter

Carl R. Griffin, III, Esq., Griffin & Harris

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

Purchase and Sale Agreement

Buy Chapter

Chris S. Neagle, Esq., Neagle Law LLC

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

Donald E. Guild, Esq., MaineHousing

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

Deeds

Buy Chapter

John A. Cunningham, Esq., Eaton Peabody PA

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

Douglas F. Britton, Esq., TD Bank N.A.

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

Richard W. Smith, Esq.,

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

Easements

Buy Chapter

Christopher E. Pazar, Esq., Drummond & Drummond, LLP

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

Foreclosures

Buy Chapter

Christopher L. Brooks, Esq., Drummond Woodsum
Julia G. Pitney, Esq., Drummond Woodsum
Jordan Quenneville, Drummond Woodsum

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

Editor(s)

Author(s)