8 min read Jun 04, 2020

What are the Seller Closing Costs in Maine?

closing costs in maine
Important: The blog article below is informational and should not be deemed as legal advice. Houzeo and its bloggers are not attorneys. For any questions and legal advice, consult a licensed attorney.

How Much are Typical Seller Closing Costs in Maine

According to Zillow site home values, the median home in ME sold for $249,550. Here’s how you can save approximately $7,486 in commissions on an average ME home by selling it For Sale By Owner on Houzeo.com

Congratulations! You’re almost at the finish line. However, the process of selling your home is not that easy. While it’s a fact that closing a property can be an exciting endeavor, it’s also can be a frustrating one. If you’re not well-informed and well-prepared, you can be a victim of sleazy operations. Remember, real estate statutes greatly vary from state to state, and even county to county. In the state of Maine, some provisions and regulations make it a tedious state. As a Houzeo For Sale By Owner (FSBO) seller, we already assume you are prepared for the closing. Our comprehensive Maine FSBO Home Seller Guide will help you accomplish exactly that.

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What Are the Different Home Seller Closing Costs in Maine?

Here are the typical closing costs in Maine you have to know:

  1. Mortgage Payoff. It’s a list of items that includes the principal fee, a recording fee, interest accrued from the past payment, or any statement fee the lender charged. The Mortgage Payoff is one of the crucial and vital items in your list of closing fees.
  2. Real Estate Broker Commissions: In the state of Maine, commission fees usually are specifically on average of 4.87$ to 5.67%—generally the half percent of the fee is going to the listing agent, while the other half to the buyer’s agent. If you’re selling FSBO via Houzeo, congratulations… You’ve likely saved thousands by paying $0 in listing agent commission! Go on. Pop a bottle of the finest Champagne or Scotch. You deserve it.
  3. Transfer Tax (Documentary Stamp Tax). The state of Maine collects this tax which both the parties should equally pay, and an estimated amount is said to be $2.20 per $1000 of the home sales price.
  4.  Property Taxes: These are outstanding payments, or prorated property taxes, utility bills, or homeowner’s insurance that are all tied into your property. You may need to pay the buyer a prorated amount of property taxes, or the buyer may need to credit you. 
  5. Title Insurance: The title insurance policy provides buyers the protection from any financial loss or unexpected problems with the property. It’s a complete guarantee that the purchaser gets a clear title to the property, free of other legal encumbrances that could threaten the buyer’s interest in the property. In the state of Maine though, the fee for Title Insurance can range between $1000 – $2000.
  6. Attorney Fees. Maine obliges you to hire a real estate attorney to be present during the closing day. Your real estate attorney is responsible for the purchase and sales contracts—and also from preparing legal transactions and contracts. In Maine, the standard fee could be between $150-$500.
  7. Property Survey. Certain states also require a home survey that could typically cost from $350 – $500. This is done to determine the property boundary and location, so the new homeowner knows the perimeter of what they’re paying for.
  8. HOA Dues, Document Fees. If your Maine property is under the Homeowners Association, then you might need to pay other additional fees. The association can include HOA dues, a document fee at the beginning of escrow, and also a transfer fee at the end of escrow. Read more about Maine Homeowners Association Law and Regulations.
  9. Home Inspection. The buyer can also verify the property’s condition by conducting a home inspection. It’s a way to check for any major or minor repairs needed, or what issues or defects in the house. The average home inspection can range between $300 to $500.
  10. Recording Fees. It’s typically a small fee ($50 to $150) to document the home purchase or the sale and transfer of your property to the public record. This is a fee that could also vary depending on the county you’re currently located in.
  11. Appraisal Fees. ($150 to $400fee varies on the home price) The appraisal is also a vital item in your list of fees in which a professional appraiser will try to evaluate the market value of your property. There are important factors that need to be considered, such as the net proceeds, present cash value, use, property location, the replacement value of improvements, condition, etc.
  12. Other Fees: Other than these major fees, you’ll also need to reconsider other typical closing costs like Flood Certification ($30 – usually paid by the buyer), unpaid homeowner’s dues, courier fees, etc.

How Should I Prepare for My Maine Home Closing?

Closing your home is a hard procedure and could take most of your time. You need to process some necessary paperwork and documents. And your closing agent needs to set the date for your closing. Read forward on how to prepare for your closing day.

1. Review and Re-read Your Closing Documents Beforehand. It’s also important to read your closing documents thoroughly before the scheduled closing date. Make sure you understand the provisions and regulations included in the form. You can contact your real estate agent or attorney if you stumble upon a matter you don’t know. Here are some of the most crucial documents that you’ll likely to sign during the closing day.

  • You need a Closing Disclosure that contains the costs in detail if your house is purchased using a mortgage. However, if the transaction was all in cash, you need to get the HUD-1. These documents detail amounts you’re being charged for, your loan payoffs if any, and the net proceeds you will take to the bank. Remember, depending upon how much equity you have in the property, you might be asked to bring a check (or send a wire) on the closing date. Ensure there are no typos in your name, address, property address, bank info, and other details. Then review every amount and the totals to ensure there are no mathematical errors or inadvertent costs. You’ll be surprised how many times these documents have errors – this is one of the reasons our founder launched Houzeo.

2. The Deed: This document enables the legal transfer of title from the seller to the buyer. In Maine, it’s the seller’s obligation to prepare a new deed for the buyer. Read this document carefully, verifying all details including the legal description of the property, the deed book, deed book page, and the Property Identification Number (PIN), if any. We know of a case where a Seller sold a $94,000 property, but the deed also legally transferred over the Seller’s five other homes worth $680,000 over to the Buyer. There was a huge scramble post-closing to correct this mistake. It could have been a nightmare for the Seller if the Buyer didn’t honestly transfer the rest of the properties back to the Seller.

closing costs in maine

3. Remember to Bring Two Forms of Official ID. Also, you need to hand over your keys, garage remotes, and final water meter reading. During the closing day, there will be a licensed notary present who’ll need to verify your identity and other information. Bring a valid I.D., your driver’s license, or passport. Don’t forget to carry a secondary ID as well for emergency purposes.

  • The deed of your home if you own it outright
  • Government-issued photo identification of all sellers on the home contract
  • Access information, main keys and security codes for your home
  • Documentation of repairs you’ve made per the home inspection
  • Your lucky pen for signing papers.
  • Any questions you have regarding your closing statement

Now you’re ready! You might’ve heard horror stories of people being blindsided by high closing costs in Maine– but that’s often the result of not preparing and educating themselves ahead of time. If you are a Houzeo For Sale By Owner Seller in Maine, we want you to be one of the most educated home sellers out there. Next step, log on to Houzeo.com and list your home for sale by owner. You’ll be in full control of your listing, and save thousands in the process

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Closing Flat Fee MLS For Sale By Owner Maine Sellers Guide States

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