As the seller, is there anything I need to do after the closing?

Yes. After the closing is completed and you have the proceeds, cancel your homeowner’s insurance on the property. Do NOT do this before the closing! Also, check with the tax office after the next tax bill is due to be sure the buyer paid the second half, if applicable.

I’m not a Maine resident. Anything special I need to know?

Yes. If you are not a Maine resident, Maine will withhold 2.5% of the sales price at closing. However, you can apply for a waiver. You will need to provide:

  • Proof of your purchase price
  • Total amount of your capital improvements to the property
  • Information regarding rental usage
  • Information about whether the property was your primary residence for two of the last five years.
  • Maine REW5 application
What if I’m not attending the closing?

You will either need to execute a power of attorney so that Melissa can sign documents on your behalf, or make arrangements with Melissa to sign all documents in advance.

What do I need to do before closing?
  • Please have your realtor send Melissa the Purchase & Sale Agreement (P&S).
  • If property taxes are due around the time of closing, please let Melissa know if you will be paying them
  • Provide contact information for HOA, if applicable
  • Provide contact information for road association, if applicable
  • Provide mortgage payoff information and authorization
  • Provide instructions for proceeds from the sale: wire, express, or check deposited to a local bank
  • Check the P&S to see if there is an agreement on fuel proration, and check with your realtor to see if you need to fill the tank.
  • Once the closing date is certain, call Central Maine Power to schedule a final reading.
  • Cancel fuel delivery after the date of closing
  • Put in a change of address with the U.S. Postal Service