Escrow & Title
In Maine, real estate closings are typically conducted by:
AA licensed title company representative
BAn attorney, though not required by law✓ Correct
CThe listing agent
DA court-appointed escrow officer
Explanation
While Maine law does not require an attorney to conduct closings, it is customary and standard practice for a real estate attorney to handle the closing, review title, prepare closing documents, and disburse funds.
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Key Terms to Know
Escrow
A neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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