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Maine · M.R.S.Maine real estate closing laws: a checklist for transaction coordinators

Maine's rules for a home sale, in the order a transaction meets them: the seller of a one-to-four unit home gives the buyer the property disclosure statement no later than the offer, and a buyer who gets it later may terminate or withdraw within 72 hours (33 M.R.S. §174). At recording, the transfer tax is $2.20 per $500 of value, split half and half between seller and buyer, with an additional $3.80 per $500 on value above $1,000,000 (36 M.R.S. §4641-A). The buyer withholds 2.5% of the consideration and remits it within 30 days unless an exception applies – a seller's residency certification, consideration under $100,000, or the assessor's certificate (36 M.R.S. §5250-A). For rentals, the accounting and transfer of tenants' deposits must happen no later than at the closing, with written proof to the buyer (14 M.R.S. §6035).

From offer to closing

  1. 1. Disclosure (33 M.R.S. §174)

    By the offer; 72 hours to terminate if late.

  2. 2. Transfer tax (36 M.R.S. §4641-A)

    $2.20 per $500, half seller, half buyer; more above $1 million.

  3. 3. Withholding (36 M.R.S. §5250-A)

    2.5% unless an exception applies; remitted within 30 days.

  4. 4. Tenant deposits (14 M.R.S. §6035)

    Accounted for and transferred no later than at closing.

Questions about Maine closings

When must a Maine seller give the property disclosure?

No later than the time the buyer makes an offer (33 M.R.S. §174).

Who pays the Maine transfer tax?

Half the grantor and half the grantee (36 M.R.S. §4641-A).

When is Maine withholding not required?

Among other exceptions, when the seller certifies Maine residency or the consideration is under $100,000 (36 M.R.S. §5250-A).

The Maine guides

ClosingCode links key Maine checklist steps to these guides – add a deal and the steps come with owners and due dates.

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Sources: 33 M.R.S. §174; 36 M.R.S. §§4641-A, 5250-A; 14 M.R.S. §6035 (legislature.maine.gov, read for the linked guides).

General information, not legal advice. Each point links to the guide with the details. ClosingCode is software; it is not a law firm. This guide is not a substitute for the advice or services of an attorney.