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In Maine, you can expect to pay between at least 1% of your home’s total purchase price in closing costs. But if you need a flood certification or to remove an old oil tank, that cost can climb.
Average closing costs in Maine
After fees and taxes, closing costs in Maine can add up to around 1.25% to 1.88% of your purchase price. This may sound like a small percentage, but costs quickly climb if you’re purchasing an expensive property. Across the state, the average home sale price is between $200,000 and $300,000. If you buy a home in that price range, average closing costs before taxes are approximately $2,619 — which covers processing, appraisal and recording fees, plus title insurance and credit reports. Additionally, every state has its own set of taxes, and Maine is no exception. After adding those in, the average closing cost after taxes rises to $3,761. Our averages are based on sample data. While many fees and taxes are required by the government, you can trim your costs by comparing mortgage lenders and attorneys.
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Maine’s closing costs sit somewhere in the middle. It ranks 22 out of 50 states and districts for the average closing costs before taxes. To give you an idea of where other states are on the spectrum, buyers and sellers in DC, New York and California cough up the most money. Missouri, Nebraska and Iowa have the lowest closing costs.
Who pays closing costs in Maine?
In Maine, the buyer typically pays the bulk of the closing costs. But fees depend on whether you’re the one purchasing or selling a home.
Buyers
Closing attorney: Varies
Title search: $300–$500
Title insurance: Varies
Appraisal fee: $150–$500
Property inspection fee: Varies
Recording fee: $2–$22 per page
Processing fee: $75–$125
Origination fee: $500–$800
Surveying fee: $200–$400 based on size of land
Settlement fee: $200
Transfer tax: $2.20 per $1,000 of sales price, split between buyer and seller
Property tax: Prorated at closing
Condo or HOA fees: Prorated at closing, if applicable
Flood certification fee: $15–$30
Credit report: $25–$50
Mortgage recording or deed of trust fee: $35
Homeowners insurance: Varies
Mortgage insurance: Up to 1% of mortgage amount, if applicable
Archive and courier fee: $50–$100
Miscellaneous condo fees: Varies
Sellers
Broker fees: Typically 6% of sales price
Own attorney: Varies
Transfer tax: $2.20 per $1,000 of sales price, split between buyer and seller
Property tax: Prorated at closing
Document preparation fee: $150–$250
Recording fee: $2–$22 per page
Mortgage payoff: Subject to loan balance
Courier and wire transfer fee: $20–$50
Home warranty fee: Varies, if applicable
Condo or HOA fees: Prorated at closing, if applicable
Miscellaneous condo fees: Varies
Proof of removal of old heating tanks: Varies, if applicable
What to know about buying a house, condo or co-op in Maine
Maine has specific environmental conditions that may affect the closing process. The big one? Old heating oil tanks. Contamination from leaking underground storage tanks is an ongoing issue in Maine. Each year, between 450 and 500 home-heating oil spills are recorded. And since 1990, more than 600 tanks have polluted the state’s drinking water. Along with making water undrinkable, spilled heating oil can affect air quality in the home, create a fire hazard and seep into rivers, lakes and neighboring properties. It can also devalue land and stop real estate sales. As such, the Maine Department of Environmental Protection launched a program to replace leaking or unsafe tanks in 1998. Today, tanks must be double-walled and have double-walled piping to prevent leaks. When you’re selling a home, you might need to obtain proof of removal of old heating oil tanks before the property can go on the market. If you still have an old tank, you’ll need to pay for its removal. Costs vary, but contractors generally charge from $1,000 to $3,000, which covers the sampling, testing and cleanup.
Bottom line
In Maine, you can expect to pay between 1.25% and 1.88% of the total purchase price. As a buyer, you’ll cover the bulk of those costs, but some of them come with a little negotiation leeway. Compare mortgage lenders to learn more about how to finance your new home.
Frequently asked questions
Here are some answers to questions you may have about closing costs in Maine.
When will my lender give me a good faith estimate?
After you turn in your mortgage application, your lender should provide you with a loan estimate within three business days. Your estimate is a list of expected closing costs. Three business days before closing, they’ll give you a closing disclosure statement, which states the final closing cost.
Is my down payment included in the closing costs?
No. Your down payment is separate from closing costs, so be sure to factor both into your budget.
Who fills out the property disclosure form?
The seller. They must list any environmental hazards and material defects affecting the property on this form. The seller has no obligation to correct defects unless they’ve agreed to do so in writing as part of the purchase and sale agreement.
Who pays property taxes in Maine?
They’re split between the buyer and seller. The seller pays the property taxes for the period they occupied the home that year, and the buyer covers the rest of the time.
Katia Iervasi is a lead writer and spokesperson at NerdWallet and a former editor at Finder, specializing in insurance. Her writing and analysis on life, disability and health insurance has been featured in The Washington Post, Forbes, Yahoo, Entrepreneur, Best Company and FT Advisor. She holds a BA in communication from Australia's Griffith University.
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