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Deborah A. Rutter, Associate Broker | REALTOR™
ABR, AHWD, CNS, CNHS, e-PRO, SFR, SRES
Nest Realty Group
126 Garrett St #E | Charlottesville VA 22902
Phone | Text | SMS: (434) 996-2142
Email: Deborah@DeborahRutter.com
www.DeborahRutter.com
Licensed in Virginia and Maine
New buyers (and some not-so-new buyers) are always a little surprised at the closing table
when looking at the HUD-1 closing statement and noticing a myriad of additional charges.
Most charges from the lender or Mortgage Company are estimated early in the loan process as a requirement of the good faith estimate.
However, there are a number of additional charges that are often not estimated or even discussed prior to closing. The Maine Real Estate
Transfer Tax is one of the costs for Maine buyers and sellers that is often forgotten in initial estimate of closing costs.
The transfer tax is assessed on deed transfers in Maine, and split evenly between the buyer and seller upon closing.
Price of the sold property rounded to nearest $500 ÷ 500; multiplied by $2.20; split and paid evenly by buyer and seller.
Here is an example:
Many make the mistake of assuming that multiplying by $4.40 and divided by 1,000 will yield the same result. The state of Maine requires a
rounding to the nearest $500 and numbers will be calculated differently if that is not done first.
Maine Transfer tax is assessed on sales in the state and once you know the final declaration of value, the math makes it easy to help plan
your closing days costs.
http://www.maine.gov/revenue/propertytax/transfertax/exemption.htm