Escrow & Title
A Maine condominium purchase requires a review of which additional documents beyond a standard residential closing?
AOnly the deed
BThe declaration, bylaws, budget, meeting minutes, and association financial statements✓ Correct
COnly the property survey
DThe mortgage documents only
Explanation
Condominium buyers in Maine should review the condominium declaration, bylaws, rules, recent board meeting minutes, current budget, reserve fund status, and any pending special assessments to understand the association's financial health.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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