Maine Real Estate Purchase Agreement

A residential purchase and sale agreement in Maine is a legal document that aids property transactions between sellers and buyers. The buyer fills out and hands over this agreement to the seller as a proposal to buy. It encompasses all the conditions of the agreement, such as personal property, earnest money, financing conditions, the date of closing, and periods for inspection. If the acquisition is contingent on financing, an appraisal of the property to a specific minimum value may be necessary.

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Maine Real Estate Purchase Agreement

Ensure you abide by state laws with our legitimate Maine Real Estate Purchase Agreementtemplate.

The legal aspects of a Maine Real Estate Purchase Agreementare as follows:

  • Under the Maine Statute of Frauds, all real estate transactions must be in writing to be enforceable. The contract should identify the price, parties, and property.
  • The contract must contain the following essential elements to be legally binding:
  • Identify the parties included in the contract.
  • Contain the terms of the sale.
  • Contain the date of the transaction.
  • Be signed by all parties.
  • The contract should include the legal description and address of the property being sold, the purchase price and terms of payment, the closing date, any warranties or representations made by the seller about the property, and contingencies or conditions that must be met before the sale can be finalized.
  • Sellers in Maine must disclose any known issues that could negatively impact a home’s value or pose an unreasonable risk to the buyers’ safety or health.
  • Various real estate contracts can be used in Maine, each serving a different purpose depending on the purchased property type. These include residential purchase agreements, real estate assignment contracts, lease agreements, and commercial property purchase agreements.

You should seek guidance from a legal expert who can provide advice specifically suited to your situation. This information is intended to be a general overview and may not include all the legal aspects of a Maine Real Estate Purchase Agreement.

The writing requirement for a real estate purchase agreement to become legally binding in Maine is as follows:

  1. Written Contract: The agreement must be in written form per the Maine Statute of Frauds.
  2. Identifiable Information: The contract must identify the price, the parties involved, and the property description.
  3. Signatures: This should be done by all parties.
  4. Essential Elements: The contract should include important elements such as the financing terms, down payment amount, inspection, title work timeframes, and due diligence periods.

Required Disclosures 

In Maine, residential real estate sellers must disclose certain information to potential buyers. Here are the key disclosures:

  1. Property Disclosure Statement: This includes information about various aspects of the property, such as:
    1. The water supply system
    2. The insulation
    3. The heating system
    4. The waste disposal system
  2. Lead-Based Paint Disclosure: If the property was built before 1978, sellers must disclose the presence of lead on the premises.