Ryan Wilford - Closing Agent - Business Development

Just bought a home in Maine?

Don’t forget about the Homestead Exemption.

If the property is your primary residence, you may qualify for a reduction in your property’s taxable value, which can lower your property taxes.

One thing many homeowners don’t realize is that it doesn’t happen automatically. You need to file an application with your town office.

Once approved, the exemption generally stays in place as long as the property remains your primary residence.

I’ve seen plenty of homeowners miss out on this benefit simply because nobody told them about it.

You can access the Homestead Exemption application here:https://www.maine.gov/revenue/sites/maine.gov.revenue/files/inline-files/homesteadapp2022.pdf

Or visit your local town office.

Buying and selling on the same day? Here's a tip.

Try not to schedule the two closings back-to-back.

Many people assume the proceeds from their sale will be immediately available for their purchase. But in some cases, the title company must wait for funding authorization from the buyer's lender before funds can be disbursed.

If that authorization is delayed, the wire gets delayed too.

We recently had a transaction where everything went smoothly—but funding authorization took longer than expected, delaying the seller's wire by a few hours and creating unnecessary stress for everyone involved.

If you're buying and selling on the same day, give yourself some breathing room between the two closings whenever possible.

And here's my shameless plug: if both transactions are closing with Red Door Title, we can often transfer funds internally, making the process much smoother.

As good as it is to be efficient, a little extra time between closings can save a lot of stress.

A lot of people assume that because a property has stayed in the family for generations, it’s less likely to have title issues.

Honestly, we often see the opposite.

Many older transfers between family members were done informally—without attorneys, title searches, or properly recorded documents.

Those issues can sit unnoticed for decades until someone tries to sell the property.

Just because a property has been in the family forever doesn’t automatically mean the title is clean.

That’s one of many reasons why title searches are so important.