Finance
Maine's transfer tax (real estate excise tax) is paid by:
AOnly the buyer
BOnly the seller
CSplit equally between buyer and seller unless otherwise negotiated✓ Correct
DThe real estate brokerage
Explanation
Maine's transfer tax is typically split equally between the buyer and the seller unless the parties negotiate otherwise in the purchase and sale agreement.
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Key Terms to Know
Transfer Tax
A tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
State-Specific Concepts
Transfer Tax
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