Cumberland Title Services has been
involved in home closings for more than 30 years. Anyone who has purchased a
home has most likely used a title company to check the deed to the property,
set up the closing and arrange all of the paperwork.
In 2008, Matthew and Randee McDonald
purchased Cumberland Title and they haven’t looked back.
“I knew this was what I wanted to do in
law,” said Matthew, who is the lawyer on staff as well as the owner. “Not every
title company has a lawyer on staff.”
Title companies are often over looked
between the realtor and lender, however, clients need to know that they have a
choice of title companies when it comes to their home purchase. Matthew
recommends that people shop for a title company just like they shop from
lenders. “When shopping for a title company you should ask if they have an
attorney on staff,” he said.
Title companies do three things. The
closings, including all of the paperwork, emails and coordination of the buyer,
seller. They preside over the closing dispersing the papers and making sure the
transaction is complete. They do the title search, which is where they research
the property history to assure that the seller has a clear title to the
property. They also issue title insurance, which is an insurance policy that
says that you are the owner of the property. “That’s the only thing backing up
your ownership of the property,” said Matthew.
Cumberland Title can do closings
anywhere in the State of Maine. They have a main office in Portland, but have
satellite offices in Brunswick, Lincoln and soon Windham. Their newest office
in Windham at 585 Roosevelt Trail, will be open in the next few weeks,
according to Randee. The McDonald’s have lived in Windham for 10 years. The
company has 12 employees. The company is growing and will continue to grow.
Matthew has his eye out for a processor for a location in Bangor and one in
York County. The company does not have sales people only people who can get
things done for their clients.
“With 8,500 real estate transactions, we
have a deeper level of experience. And we’re locally owned,” Matthew said. “We
are looking to service realtors, home buyers and lenders in the community.”
Some lenders own their own title
company, but according to Matthew that’s not good for the consumer. Check out
title companies and don’t just follow the lender or realtor blindly.
Cumberland Title has a strong social
media presence and has started a YouTube series titled “How to Purchase a Home
in Maine.” Seven episodes have already been shot. The general series can help
novice home buyers to the more advanced.
“The title is a fairly large charge.
They should know what we do and how we do it,” Randee said.
The company is also involved in a
program called Homes for Heroes for military, police, fire, teachers and
medical personnel, where they receive an automatic $100 discount. “Those are
the people we want living in our communities,” Matthew said.
Matthew also does some estate planning,
simple will creation, power of attorney and advance healthcare directives for
his clients outside of the title services he offers.
Randee is the affiliate director of the
Greater Portland Board of Realtors for 2016. The company works with Habitat for
Humanity and Woodford Family Services.
“Homeownership is important and good for
communities,” Matthew said.