Maine Out of State Broker Cooperation
- An out-of-state licensee can share a commission with a Maine licensee for a transaction if licensed services performed by the out-of-state licensee are outside of Maine.
- An out-of-state licensee cannot bring a lawsuit in Maine in support of a commission.
QUASI - BIZ BROKER STATE*
Specific to Maine Real Estate
Maine Reverse Reciprocity
These states specifically mention Maine in their Reciprocity:
Nevada (Salesperson Only), New Hampshire, Massachusetts (2YR)
These States recognize any other State licenses but may have additional requirements:
Alaska, Alabama, Colorado, Georgia, Idaho, Indiana, Kansas, Kentucky, Nebraska, North Carolina, Rhode Island, South Dakota, Tennessee, Vermont, Washington
Maine Real Estate Customs
Attorneys conduct closings.
Conveyance is by warranty or quitclaim deed. Mortgages are the security instruments.
Maine uses ALTA owner’s and lender’s policies and endorsements.
Buyers pay closing costs and title insurance fees; buyers and sellers share the documentary transfer taxes.
Property taxes are due annually.
*QUASI - BIZ BROKER STATE
Maine defines "real estate" as all estates and lesser interests in land and an existing business if real estate is a part of the business. Businesses that have leaseholds are "part of the business."
2. Real estate brokerage. "Real estate brokerage" means a single instance of offering, attempting to conduct or conducting services on behalf of another for compensation, or with the expectation of receiving compensation, calculated to result in the transfer of an interest in real estate.