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Seller Informaiton

IMPORTANT INFORMATION REGARDING YOUR CLOSING (SELLERS)

REPRESENTING THE INTERESTS OF THE SELLER IN REAL ESTATE TRANSACTIONS

IMPORTANT INFORMATION REGARDING YOUR CLOSING (SELLERS)

Our office has been asked to act as settlement agent in the closing of the real estate you are selling. There are some matters that we will require your assistance with in order to expedite the transaction and prevent delays or extra costs to you. They are listed below. Please also remember that you must bring a valid drivers license or passport with you to closing for proper identification. The closing cannot take place if you do not have this identification with you. In order to ensure a smooth closing, we would like to make you aware of the following information.

1.         MORTGAGES:  If your property is presently mortgaged, the mortgage(s) will be paid off at the time of closing using proceeds from the sale, if any.  Please complete the enclosed form and return it to us right away in order that we may contact the mortgagee(s) and make the necessary arrangements for payment.  This is very important and requires your immediate attention.  After your mortgage has been paid in full, the lender will send us a discharge which we will record at the Registry of Deeds. In the event there is a non-institutional mortgage (i.e. one given to a private individual, trust or corporation as opposed to a bank or mortgage company), we will require that the payoff amount be furnished to us before the closing and a discharge be delivered at or before the closing.  UNFORTUNATELY, THERE CAN BE NO EXCEPTION IN THIS REGARD.  If you are uncertain about whether an outstanding loan is held by a private lender, please contact our office or have your attorney do so.  The obligation to furnish a discharge at closing applies also to outstanding attachments or other liens, if any.

2.         DEED:  The preparation of a new deed to convey the premises to the buyer is your responsibility.  You should have your attorney send us a copy of the proposed deed as soon as possible and before the closing date.  While we cannot represent the Lender and you we are sometimes asked to prepare a deed as part of our mortgage services.  If you ask us to prepare your deed, there will be a charge to you.

3.         POWER OF ATTORNEY:  If there is a power of attorney involved, please send our office a copy of the power of attorney document prior to the closing. The use of the power of attorney will have to be approved by our client and then the form and content thereof must be reviewed by our office. In any event, the deed transferring title from you to the Buyer must be signed by you in the original and notarized.

4.        CONDOMINIUM UNIT: If the transaction involves a condominium unit, you are required to provide a Resale Certificate to the buyer pursuant to Title 33 Maine Revised Statutes Annotated, Section 1604-108. The Resale Certificate is a statement issued by the Condominium Association stating that there are no unpaid common expenses or special assessments against the condominium unit, disclosing the effect of any right of first refusal or other restraint on the ability to sell the unit, and providing other basic information about the condominium unit and the management of the condominium.

5.        TRUST OWNERSHIP:  If this property is owned by a trust, our office may require a certification of trust to establish the authority of the trustee to convey title.

6.       FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT OF 1980 AS AMENDED:  This Federal Law places special requirements for tax reporting and withholding on the parties to a real estate transaction under certain circumstances as set forth in the law.  You should seek the advice of your attorney or accountant concerning the effect of this Act on this transaction.  You will be required to execute a copy of the enclosed certification under penalty of perjury at the closing.  If you do not plan on attending the closing, please be sure that your attorney or agent delivers the fully completed and executed copy of the affidavit along with the deed.  The closing attorney for the firm can not and will not provide information, advice or opinions regarding the Act’s applicability to you or to this transaction.

7.       FEDERAL TAX LAWS.  Since January 1, 1986 Federal Law requires the closing attorney to report the proceeds of the transaction to the Internal Revenue Service.  Therefore, we ask you to complete the attached form and be sure to include your Social Security or Federal Identification Number.

8.       TITLE EXAMINATION.  Please note that if, as the result of searching the title or obtaining the plot plan, we discover that there are any deficiencies or defects, they are your responsibility to correct or to have your attorney do so on your behalf or determine your rights, duties and obligations under your purchase and sale agreement.

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REPRESENTING THE INTERESTS OF THE SELLER IN REAL ESTATE TRANSACTIONS

Our office specializes in real estate conveyancing. We are prepared to represent you in the sale of your real estate and to make the entire process easy and enjoyable for you.

Unless we are representing one of the other parties in your sale, our office can represent you for a reasonable fee and give you the comfort you need to proceed confidently toward the sale of your home or investment property as well as in the purchase of any new real estate. Some of the services we provide when representing sellers are:

  • Review of any agreement with a real estate broker.
  • Negotiation and preparation of the offer to purchase and purchase and sale agreement to protect your interests and concerns.
  • Resolve issues which may arise during the transaction.
  • Explain the mortgage process and assist you in understanding just what your buyer’s or lender's requirements mean to you.
  • Assist you in resolving and clearing any issues that may be found in the examination of the title to your property.
  • Prepare the deed from you to your buyer.
  • Assist in the coordination of the closing and represent you at the closing, review all closing documents and explain their meaning and significance to you.
  • Answer questions you might have and resolve disputes that may arise at any time during the closing process.

Please call our office to discuss how we can represent you and what our fees are for this service. We look forward to hearing from you.

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45 Forest Falls Drive | Yarmouth, ME 04096 | Tel: 207-846-3460 | Fax: 207-846-3760 | douglastitle@douglastitle.com
45 Melville Street | Augusta, ME 04332 | Tel: 207-622-0471 | Fax: 207-622-0473 | mary@douglastitle.com