Code of Maine Rules
99 - INDEPENDENT AGENCIES
346 - MAINE STATE HOUSING AUTHORITY
Chapter 7 - INDIAN HOUSING MORTGAGE INSURANCE PROGRAM RULE
Section 346-7-5 - Pre-closing Procedures

Universal Citation: 99 ME Code Rules ยง 346-7-5

Current through 2024-38, September 18, 2024

A. When the Property is located on the Penobscot Tribal Reservation, the Lender shall cause the Property's title to be searched and a title opinion to be issued for the benefit of both the Lender and the Applicant. The Lender may reject an application if title is defective (notwithstanding the Property's location on tribal land) provided that, the Applicant shall be given a reasonable opportunity to cure the defect(s) to the Lender's satisfaction. When the Property is located on the Indian Township or Pleasant Point Reservations, the applicable Tribal Council shall pass a binding resolution setting forth a legal description of the Property and an authorization for the Applicant to assume possession, control, and the right to occupy the Property. A copy of the resolution shall be provided to the Lender upon request.

B. The Lender or IHA shall prepare the necessary real estate and Loan closing legal documents and confirm the availability of adequate fire insurance coverage (with an extended coverage endorsement) for the Property.

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