Buyer Info

One of our key responsibilities is conducting a thorough title examination. This process verifies the property’s history, ensuring there are no outstanding claims or title defects that could impact your ownership.

We will issue a title insurance policy to safeguard your investment. Title insurance protects against financial loss due to title defects or legal claims against your property. While a Lender’s Policy is mandatory, an Owner’s Policy is highly recommended to protect your equity.

* Broker’s Title & Closing, LLC does require the purchase of an owner’s title insurance for all cash transactions

Any monies due from you for closing must be in the form of a wire, bank or certified check made payable to Broker’s Title & Closing, LLC. Personal checks are not allowed.

We will need to take a copy of your valid, unexpired driver’s license or government-issued photo ID at closing.

We will need to take a copy of your valid, unexpired driver’s license or government-issued photo ID at closing.

Your lender requires a Homeowners Insurance Binder, with paid receipt for the first’s year’s premium. We cannot obtain figures or documents from your lender without these items. Once you have selected your insurance company and arranged for payment of the policy, give me your agent’s name and telephone number, and I will take care of this for you.

If you’re purchasing a condominium unit, your lender will require a Certificate of Insurance from the Condominium Association’s insurance provider. This certificate must:

• Include your lender’s mortgagee clause
• List you and the association as insured parties
• Identify the specific unit you are purchasing

Additionally, we recommend speaking with an insurance agent to obtain a “wall’s-in” policy to cover any areas not included in the Master Policy. Your lender’s commitment letter will outline specific coverage requirements.

Taxes in New Hampshire are generally paid semi-annually in July and December. The tax period is a fiscal year and not a calendar year and runs from April 1st to March 31st of the next year. The July tax bill covers 4/1 to 9/30, and the December bill covers 10/1 to 3/31. Further, the July tax bill does not reflect the actual year’s tax rate. The tax rate is determined in October and reflected in the December bill every year. The July tax bill is one-half of the previous year’s taxes, and if your closing happens prior to the determination of the year’s tax rate, there may be further proration between buyer and seller in December.

In Maine Taxes are generally paid semi-annually in September and March. The Tax period is a fiscal year and not a calendar year and runs from July 1st to June 30th of the next year. The tax rate is determined in in late summer or early fall, between July and September.

The settlement statement (closing Disclosure or ALTA) will show the prorated tax amounts as a credit or debit to the buyer and you the seller.

In New Hampshire, the real estate transfer tax is $15.00 per $1,000 of the sales price. This cost is shared equally between the buyer and seller.

Example: A property selling for $200,000 incurs a $3,000 transfer tax, with $1,500 paid by the buyer and $1,500 paid by the seller.

In Maine, the transfer tax is $4.40 per $1,000 of the property’s selling price, also split evenly between buyer and seller.

Example: A home sold for $200,000 results in a $880 transfer tax, with $440 paid by the buyer and $440 paid by the seller.

Transfer tax, as with all fees, will be shown on the final Settlement Statement and subtracted from your proceeds. We will handle all disbursements. You will not need to write personal checks.