Escrow & Title
In Maine, a real estate closing for a residential transaction is typically handled by:
AA real estate agent only
BA title company, attorney, or bank✓ Correct
CThe Registry of Deeds
DThe Maine Real Estate Commission
Explanation
Maine residential closings are typically conducted by an attorney, title company, or bank officer who reviews documents, collects funds, records the deed, and ensures all parties' interests are protected.
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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.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
Math Concepts
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