Closing Costs in Maine: A Guide for Sellers
Selling your home in Maine? Knowing what to expect when it comes to closing costs can help you manage the process smoothly. Closing costs encompass various fees that sellers incur when finalizing the sale of a property.
These costs can include loan payoff amounts, property taxes, and other miscellaneous fees. Our concise guide will walk you through the specific closing costs you can expect to encounter in Maine, helping you prepare financially and avoid any surprises at the closing table.
Disclaimer: This article provides estimates of a seller’s closing costs that are meant for educational and research purposes only; our calculations are not a guarantee.
What are closing costs?
Closing costs are any fees paid when finalizing the purchase or sale of your property. They can include any number of fees, like property taxes or title insurance; most are standard for homeowners and sellers. Others, like transfer taxes, will vary depending on where your home is located when it sells.
Mortgage/Loan payoff amount
When selling your home, you must settle your existing mortgage, which involves paying off the remaining balance. The loan payoff amount includes the principal balance and any accrued interest up to the sale date. This guarnatees that the lender releases the mortgage lien, allowing the sale to proceed smoothly.
A loan payoff amount is defined as the remaining balance due on a mortgage that must be paid, along with any additional fees that might be owed, in order to finalize the terms of the loan.
Property taxes
According to WalletHub, Maine ranks 36th in the country in terms of property taxes, placing it above states like Ohio.
Real estate in Maine is taxed at a rate of 1.17%, with a median home value in the state of $244,800. To get a better idea of what you might owe, consult a property tax calculator.
