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How Blockchain Technology Could Change the Real Estate Industry

In the simplest terms, blockchain is the ability to remotely share databases and processes, making them more centralized and accessible. For the real estate industry specifically, this could transform the industry by making it more modern and efficient. One such way is accessing the MLS Property Data system. Every real estate transaction goes through the MLS service which tracks agents, clients, contracts, listing agreements, appraisals, etc. Unfortunately the information on the MLS is often decentralized and restricted, and it’s often out of date. Blockchain technology can be used to overcome these barriers. By providing a way to securely share data,
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How To Ensure Your Real Estate Closing Happens on Schedule

When a title company is contacted to facilitate the closing for a property transaction, there is a great deal of information that they must gather in order to accurately allocate all monies and ensure that the documents reflect the most current, up to date and accurate information. One of the first things we do here at Cumberland Title is send out a questionnaire to both the buyer and seller, as well as to each realtor. The information on each document asks for vital information that is required by the title company in order for them to accurately and expeditiously prepare
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Improvident Transfers Act

Elder abuse cases often highlight the reality that the same frailties and vulnerabilities that make older clients easy victims, also make them imperfect witnesses and poor advocates for themselves. The state of Maine, however, has taken a unique approach in protecting its elderly from financial exploitation. In 1987 a group of lawyers advocating for financially exploited elders undertook a legislative initiative, at a time where there was very little awareness of the problem. The result was The Improvident Transfer Act (33 M.R.S.A. 1021 et seq.). At this time, Maine’s Legal Services for the Elderly (LSE) was seeing a sharp increase in the
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Title Insurance and Refinancing Your Home

Unless you paid cash for your home, then you most certainly were required by your lender to purchase a lender’s title insurance policy when you bought your home. If you refinance that home, your lender will again require you to buy a new lender’s title policy. There are a few reasons for this. Each time you re-finance, the lender needs to know that they will be in first place lien position in the event the mortgage payments stop getting paid and there is a foreclosure. Also, once you refinance your home the old loan is paid off and therefore the
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