Finance
What is the purpose of a 'title search' in a Maine real estate transaction?
ATo determine the market value of the property
BTo examine public records and verify the seller's ownership and identify any liens or encumbrances✓ Correct
CTo inspect the physical condition of the property
DTo calculate the property tax assessment
Explanation
A title search reviews public records (deeds, mortgages, liens, court judgments) to verify the seller's ownership, the chain of title, and any encumbrances that must be addressed before closing.
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