A deed is a written document that when properly prepared, signed, and recorded at the Registry of Deeds conveys title to real estate. The deed describes the seller and the buyer, provides a description of the real estate, and any conditions or limitations on one’s use of the commercial real estate.
Ballou & Bedell provides Seller Representation, which includes preparation of deed and associated forms. We can guide the Seller from the day they decide to sell until the conclusion of the transaction at closing. Common Seller forms that we prepare include Purchase and Sales Agreements, Limited Powers of Attorney, Agency Delegations to attend closing on a Seller’s behalf, and Maine Withholding Exemption Applications. Few out of state sellers realize that Maine requires 2.5% withholding until it is too late to get an exemption. Hiring Ballou & Bedell to assist you through the sale process will ensure that your closing goes smoothly.
DEEDS TO TRUST
In order to avoid probate, it is a common practice to form a Trust and then deed the property to the Trust. We often assist estate planning attorneys and their clients in other states with the transfer of Maine property into personal trusts. Ballou & Bedell can assist clients in any county in Maine. In some circumstances, in order to preserve assets, it may make sense to place property in an Irrevocable Trust.
DEEDS TO CERTAIN FAMILY MEMBERS
We also assist clients with deeds conveying property to family members (i.e. spouse, child). In order to avoid probate, spouses typically choose to own real estate as Joint Tenants. Sometimes people mistakenly think they own their home as Joint Tenants, but upon review of their deed realize they do not. Just because both names are on the deed does not necessarily mean it is owned as joint tenants. It is important to know how title to your property is held. Please contact us and we will be glad to obtain your deed from the registry to confirm ownership free of charge. In some circumstances, in order to preserve assets, it may even make sense to add a family member to your deed.
DEEDS TO CORPORATIONS AND LLCs
Ballou & Bedell assists small business and rental property owners with protecting their assets. One of the most simple and effective ways to shield your personal assets is to deed your rental or investment property to a Limited Liability Company (LLC) or other corporate entity.
Ballou & Bedell also assists clients within preparing easements deeds, boundary line deeds, and other more specialized deeds.