The Law Office of Melissa J. Reynolds works with buyers and sellers of Maine real estate as well as with lenders. We understand that the purchase, sale, or refinancing of real estate is an unfamiliar process for many people, and you are likely to have lots of questions. Here are some of the most common questions we receive, along with answers.

Buying Property

What do I need to do before my closing?

There are a number of things you should do in advance of your closing:

  • Have your realtor send Melissa the Purchase & Sale Agreement (P&S)
  • Have your lender send Melissa the title request
  • Check with the local Code Enforcement Officer (CEO) to confirm that your intended use of the property, if not purely residential, is permitted
  • Have homeowner’s insurance ready for the date of closing
  • Contact Central Maine Power (CMP) to set up a new account
  • Contact Maine Water to set up a new account if applicable
  • Set up fuel delivery
  • Make sure any contingencies in the P&S have been completed to your satisfaction
  • Review the proposed deed and bank documents for the correct spelling of your name
What do I need to bring to my closing?

Be sure to bring photo identification such as a driver’s license to your closing.

I can’t attend the closing in person. What do I need to do?

If not attending the closing, you need to execute a power of attorney that will allow a local attorney to sign on your behalf. Alternatively, Melissa can ship documents to you to be signed and notarized at a place of your choice, or can arrange for a notary to visit your home or office.

Do I need to bring any funds to the closing?

If you have a lender, the final amount needed at closing will come from the lender at least three days before the closing.

Funds must be in the form of a bank-issued check payable to “Law Office of Melissa J. Reynolds,” or may be wired to the office. Please contact Melissa directly by phone for wire instructions.

Why do I need to confirm wire instructions by phone?

Unfortunately, wire fraud is rampant and lucrative, and fraudsters are creative and talented. To protect clients, Melissa requires confirmation of wire information in a personal phone call before any wire transfer is initiated. She sends all wire information by encrypted email and NEVER changes wire information.

What should I know about paying property tax on my new property?

You should plan to calendar the due date for the second half of your property tax bill (the first half will be paid at closing). If applicable, Melissa will email you one month in advance of the due date to remind you.

Can I apply for a homestead exemption for my new property?

You can apply for a homestead exemption with the tax assessor after one year of living in the house as your primary residence. Melissa will email you in one year to remind you.

Why is there a Standard Poodle at my closing?

Buying real estate is exciting, but it can also be stressful! Portia may attend your closing to provide free stress therapy and help you celebrate your new property. However, if you are uncomfortable with a dog being present, please let Melissa know; your comfort is the most important thing on your closing day!

Refinancing Property

How do I schedule a closing for a refinance?

Have your lender contact our law office with a request.

What do I need to bring to the closing?

Bring photo identification, such as a driver’s license to the closing.

I can’t attend the closing in person. What do I need to do?

If not attending the closing, you need to execute a power of attorney that will allow a local attorney to sign on your behalf. Alternatively, Melissa can ship documents to you to be signed and notarized at a place of your choice, or can arrange for a notary to visit your home or office.

What information do you need from me before the closing?

You will need to provide our office with the payoff information for your current mortgage. If we are to pay off credit cards, you will need to provide the most recent credit card statement(s). And if property taxes are due around the time of the closing, please let Melissa know if you intend to pay them.

How should funds be sent to your office for the closing?

Funds must be in the form of a bank-issued check payable to “Law Office of Melissa J. Reynolds,” or may be wired to the office. Please contact Melissa directly by phone for wire instructions. Wire fraud is increasingly prevalent, so we take strict measures to protect against it.

When will I be able to access cash from my refinance?

Cash out of a refinance will not be available until the end of the rescission period (three business days after the closing).  If you want the closing proceeds deposited to a local bank, please bring a deposit ticket with you to the closing.

Selling Property

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
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.

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
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.

Whether you are buying, selling, or refinancing property in Maine, the Law Office of Melissa J. Reynolds is here to answer your questions and help the process go smoothly. If you have any questions that weren’t answered here, please feel free to contact us.