Resources
What is Escrow Settlement?
An escrow is an arrangement in which a disinterested third party, called a settlement agent, holds legal documents and funds on behalf of a buyer, seller, and lender and distributes them according to buyer’s, seller’s, and lender’s instructions. Click here to read more.
What is Owner’s Title Insurance?
Buying a home is an exciting and emotional time for many people. To help you buy your home with more confidence, make sure you get owner’s title insurance.
What can a homebuyer expect?
Buying a home involves several stages. Click here for a list.
How Much Are Transfer Taxes in Maine?
The current rate for the Maine transfer tax is $2.20 per every $500 of the sale. This rate is split evenly between the seller and the purchaser. As such, each party is required to pay $1.10 per every $500 or $2.20 for every $1,000 of the price of the home. For a $150,000 home, the buyer and seller in Maine will both pay $330 for the state transfer tax.
Understanding the Title Commitment
A title commitment is the document by which a title insurer discloses to all parties connected with a particular real estate transaction all the liens, defects, and burdens and obligations that affect the subject property. It lists all requirements that must be met before a title company can insure a title as “marketable” or a loan as having a certain priority. Click here for the full description.