An Act To Implement A Recommendation Of The Commission To Recommend Methods For Preventing Deed Fraud In The State

This bill requires real estate brokers and settlement agents in Maine to verify the identity of property sellers before conducting transactions, effective January 1, 2027. The law applies to sales of vacant land and residential real estate, mandating that brokers confirm seller identities before entering agreements and settlement agents verify identities before processing transactions. Specific verification procedures will be established through rules created by the Real Estate Commission and the Department of Professional and Financial Regulation, with both agencies required to consult with each other before finalizing these rules. The legislation aims to prevent deed fraud by adding identity verification steps to existing real estate transaction processes.