October 29th, 2009
Please be advised that as of October 31, 2009, the following Maine Law has become effective:
Maine law, Chapter 162 (LD 550): An Act to Protect Maine Residents from Home Fires and Carbon Monoxide, will require a new buyer certification form at real estate closings. Chapter 162 creates new requirements relating to the installation of smoke detectors and carbon monoxide detectors in all single-family and multifamily dwellings, multiapartment buildings and rental units. Of particular importance to settlement agents is a requirement that, after October 31, 2009, a person who acquires by sale or exchange a single-family dwelling or multiapartment building must certify at the closing of the transaction that the single-family dwelling or multiapartment building is provided with smoke detectors and carbon monoxide detectors which meet the requirements of the new law.
Download Certification Form
State Fire Marshal’s Fact Sheet
October 26th, 2009
The $8,000 tax credit for first time homebuyers expires after November 30th, 2009.
Here are a few things to keep in mind:
- Suggest a closing date earlier than November 25th for your first time homebuyer.
- If your buyer is not eligible for the tax credit, or if you have a client that is refinancing, target a closing date PRIOR to November 24th or AFTER November 30th.
- Keep in mind that the only day between Thanksgiving and November 30th is considered to be a holiday by most businesses and certainly by town and county offices. Appraisers, inspectors and insurance companies, etc., may also not be available on the 27th. Closing earlier in the month will give everyone a buffer in case any issues arise.
- Careful advance planning will be critical to ensure your clients’ tax benefits.
Signature will be proactively reviewing files to ensure efficient,
easy and smooth closings for you and your clients.