Buying or selling in Midcoast Maine and wondering what actually happens between signing a contract and getting the keys? You are not alone. Closings include many moving parts, deadlines, and documents, and the process can feel opaque if you have not done it in a while. In this guide, you will learn how closings work in Lincoln County from start to finish, what to expect on timing and costs, and how to avoid common snags. Let’s dive in.
Closing timeline at a glance
Most financed purchases in Maine take about 30 to 60 days from an executed Purchase and Sale agreement to recording and possession. Cash deals can be faster, often 7 to 21 days, but you still need time for title work and any agreed contingencies.
A typical sequence looks like this:
- Offer accepted and P&S signed, deposit placed in escrow.
- Inspection and other contingency periods begin.
- Buyer applies for a mortgage, appraisal and underwriting follow.
- Title search and title commitment issued, any issues cured.
- Seller secures payoff statements and completes agreed repairs.
- Closing Disclosure or settlement statement prepared and reviewed.
- Final walkthrough, sign documents, and transfer funds.
- Deed recorded at the Lincoln County Registry of Deeds in Wiscasset, then keys and possession per the contract.
For mortgage loans, your lender must deliver the Closing Disclosure at least 3 business days before you sign. Plan your schedule with that timing in mind.
Who does what in Maine closings
You will work with several professionals who each manage a piece of the process.
- Buyer. You apply for financing, order inspections, secure homeowners insurance, and bring closing funds. You also review the Closing Disclosure.
- Seller. You provide disclosures, allow inspections, deliver clear title, supply payoff information, and sign the deed and seller affidavits.
- Real estate agents. We coordinate timelines, inspections, and communication among lender, title, and attorneys. We also guide you on local custom.
- Lender. The lender orders the appraisal, completes underwriting, issues the mortgage commitment, prepares loan documents, and provides the Closing Disclosure for most loans.
- Title company or closing attorney. They run the title search, issue the title commitment, prepare closing documents, coordinate recording and disbursements, and may hold escrow funds. In Maine, closings are commonly handled by attorneys and title companies.
- Lincoln County Registry of Deeds. The Registry records the deed and mortgage, which makes the transfer public and final.
Contingencies that shape timing
Contingencies protect you and can change the timeline if issues arise. Most are negotiable.
- Inspection contingency. Commonly 7 to 14 days. Typical inspections include general home, septic, well testing, oil tank, chimney, and lead paint for older homes. Rural properties often need septic documentation or municipal sign-offs, so allow time if repairs or permits are needed.
- Financing contingency. Often 30 to 45 days, tied to the lender’s underwriting and appraisal schedule. Your lender will require an appraisal, title insurance for the lender, an insurance binder, and proof of funds.
- Title contingency and survey. You and your lender review the title commitment and any survey to address encroachments or defects. Material issues are cured before closing per the contract.
- Appraisal contingency. If the appraisal comes in low, you and the other party may renegotiate price, you may bring additional cash, or the contract can end per its terms.
- Other contingencies. Common ones include sale of the buyer’s property, municipal approvals, and disclosures tied to older building materials or coastal permitting.
The documents you will see
Here are the core documents you should expect and what each does in plain English.
- Purchase and Sale Agreement. The contract that sets price, contingencies, closing date, deposits, and who pays which costs.
- Earnest money escrow receipt. Shows deposit amount, who holds the funds, and the rules for release.
- Deed. In Maine you may see a General Warranty Deed, a Quitclaim Deed, or other forms. The deed type affects the warranties you receive. Many buyers also choose owner’s title insurance to add protection.
- Closing Disclosure or settlement statement. For most mortgages, your lender provides a Closing Disclosure at least 3 business days before you sign. It outlines loan terms and closing costs. For non‑TRID transactions, a settlement statement shows the money in and out for both sides.
- Mortgage and Note. If you finance, you will sign a promissory note and a mortgage that secures the loan with the property.
- Title commitment and policies. The commitment shows the status of title and exceptions. After closing, the lender and owner policies insure against covered title issues.
- Seller affidavits and addenda. These can include seller’s affidavit of title, lead paint disclosure for pre‑1978 homes, septic and well documentation, and any property-specific addenda.
Title search, insurance, and recording
A title company or attorney examines public records for deeds, mortgages, liens, judgments, easements, and other matters that affect the property. They issue a title commitment with any requirements to insure title.
If issues surface, such as unpaid taxes, old mortgages, or probate problems, they are usually resolved before closing according to the contract. Lenders require a lender’s title policy. An owner’s policy is optional but commonly recommended to protect your equity from covered defects discovered after closing. You pay the premium once at closing.
After everyone signs and funds are received, the deed and any mortgage are recorded at the Lincoln County Registry of Deeds in Wiscasset. Recording completes the public transfer of ownership. In financed deals, the deed and mortgage are recorded together to protect the lender’s lien priority.
How the money moves
You will receive final figures on your Closing Disclosure or settlement statement before closing. Funds are handled securely.
- Acceptable funds. Wires to the escrow account are common. Bank cashier’s or certified checks may be accepted, though lenders often require wires for payoffs. Confirm acceptable methods early.
- Cost allocation. Customary, but negotiable. Sellers usually pay broker commissions, existing mortgage payoffs, deed preparation if agreed, and any seller concessions. Buyers typically pay lender fees, appraisal and credit reports, owner’s title policy if chosen, recording fees for buyer documents, and inspection costs they requested.
- Prorations. Property taxes, association dues if any, and utilities are usually prorated to the day of closing. Maine towns bill on different schedules, so confirm proration methods in the P&S.
- Wire safety. Wire fraud is a real risk. Always verify wiring instructions by phone using a known, trusted number. Do not rely only on email for changes.
Lincoln County details to expect
Local practices and property types can influence your path to closing.
- Septic and well. Many homes in Midcoast Maine rely on private systems. Inspections, design records, or municipal health office permits may be required by you, your lender, or local rules.
- Shoreland and wetlands. Coastal or waterfront properties may be subject to shoreland zoning or natural resource rules. Confirm permitted uses and whether any permits are needed through the town office.
- Municipal taxes and liens. Each town sets its own tax billing and lien timeline. Your title team will obtain municipal lien and tax information early to support accurate prorations.
- Who handles closings. In towns like Wiscasset, Damariscotta, and Boothbay Harbor, closings are commonly led by attorneys or title companies. Confirm which professional will run your closing so you know where to direct funds and questions.
Step-by-step checklist
Use this simple checklist to keep your closing on track.
- Confirm P&S terms: closing date, contingencies, deposit holder, and cost splits.
- Buyer: apply for your mortgage immediately and schedule inspections, including septic and well if applicable.
- Seller: request mortgage payoff statements, gather disclosures, and schedule any agreed repairs.
- Title: order the title search and commitment early and begin clearing exceptions.
- Lender: provide requested documents and watch for your Closing Disclosure at least 3 business days before signing.
- Funds: verify wiring instructions by phone and confirm acceptable payment methods with the closer.
- Recording: check any Registry requirements and fee amounts for Lincoln County.
- Final walkthrough: schedule for the day before or day of closing per the contract.
- Insurance and utilities: buyer sets homeowners insurance effective on closing day, and both parties coordinate utility transfers.
Your closing day
Closing day is about accuracy, signatures, and secure funding. You will review the final settlement figures, sign your documents, and send or deliver funds. If you are the buyer, expect to sign the note and mortgage in addition to other closing papers.
The buyer typically completes a final walkthrough just before closing to confirm the property is in the agreed condition. Once funds are received and the deed is recorded in Wiscasset, keys and possession transfer according to the P&S. Many contracts call for transfer at recording on the day of closing.
After recording: what happens next
After recording, the title company or attorney issues the final title policies. You will receive copies of recorded documents for your records. Set up utilities in your name, review any warranty information left by the seller, and start enjoying your new place.
If you are selling, confirm that your mortgage has been paid off and that any remaining escrows or refunds are processed. Keep your closing packet for tax and accounting purposes.
Partner with a calm, contract‑savvy guide
Every closing is a little different, especially with coastal properties, septic systems, or unique title histories. If you want clear guidance, precise contract management, and steady communication from contract to keys, reach out to Adrianne Zahner. As a former real estate attorney and a Midcoast broker, she brings calm authority to each step so you can close with confidence. Ready to talk through your plan? Contact Adrianne Zahner.
FAQs
When do you get keys at a Lincoln County closing?
- Most buyers receive keys once funds are disbursed and the deed is recorded at the Lincoln County Registry of Deeds, or at the specific time stated in the P&S.
Who holds earnest money in a Maine home sale?
- The deposit is typically held in a broker trust account or by the closing attorney or title company, as specified in the Purchase and Sale agreement.
Do you need owner’s title insurance in Maine?
- Lenders require a lender’s policy if you have a mortgage, and an owner’s policy is optional but recommended to protect your equity from covered title defects.
Can you close electronically in Lincoln County, Maine?
- Some e-recording and e-signature options may be available, but availability varies by county and lender, so confirm with your title company and the Registry.
What if a title defect appears late in the process?
- The title company or attorney will outline requirements to cure in the title commitment, and parties negotiate solutions; significant issues can delay or stop closing if unresolved.
