Maine Sale Agreement Form PDF Details

In the picturesque state of Maine, entering into the process of buying or selling property is a significant event that requires careful documentation to ensure the interests of both parties are protected and understood. At the heart of this process is the Maine Sale Agreement form, a detailed document that outlines the terms and conditions under which the sale of a property will occur. This form, which becomes a binding contract upon the agreement of the buyer and the seller, addresses a broad range of details beginning with the identities of the parties involved, the description and location of the property, and extending to specifics such as fixtures to be included with the sale, personal property details, the agreed purchase price, and various conditions precedent to the closing of the deal. It precisely delineates responsibilities regarding earnest money deposits, the handling of title and closing procedures, possession, and the condition of the property at the time of turnover. Moreover, it provides a framework for addressing risks of loss, damage, or destruction prior to closing, details about prorated items, disclosures, and due diligence investigations to be conducted. Financing terms, agency relationships, dispute mediation processes, and what happens in case of default are also covered, offering a comprehensive road map through the transaction process. This form not only facilitates the transfer of ownership but also ensures that both buyer and seller are clear on their obligations and the steps necessary to conclude the sale successfully. As such, understanding and properly completing the Maine Sale Agreement form is crucial for anyone looking to buy or sell property in Maine.

QuestionAnswer
Form NameMaine Sale Agreement Form
Form Length4 pages
Fillable?No
Fillable fields0
Avg. time to fill out1 min
Other namessale agreement maine, maine purchase sale, maine sale and purchase agreement, purchase and sale agreement maine

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PURCHASE AND SALE AGREEMENT

,

 

,

 

Effective Date

Effective Date is defined in Paragraph 24 of this Agreement.

 

1.

PARTIES: This Agreement is made between

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(''Buyer'') and

 

 

 

 

 

 

 

 

 

 

 

 

 

(''Seller'').

2.

DESCRIPTION: Subject to the terms and conditions hereinafter set forth, Seller agrees to sell and Buyer agrees to buy (

all

 

part of ; If "part of" see para. 26 for explanation) the property situated in municipality of

 

 

 

 

 

 

,

County of

 

, State of Maine, located at

 

 

 

 

 

 

and

described in deed(s) recorded at said County's Registry of Deeds Book(s)

 

 

 

 

, Page(s)

.

 

 

 

.

3.FIXTURES: The Buyer and Seller agree that all fixtures, including but not limited to existing storm and screen windows, shades and/or blinds, shutters, curtain rods, built-in appliances, heating sources/systems including gas and/or kerosene-fired heaters and wood stoves, sump pump and electrical fixtures are included with the sale except for the following:

.

Seller represents that all mechanical components of fixtures will be operational at the time of closing except:

.

4.PERSONAL PROPERTY: The following items of personal property are included with the sale at no additional cost, in ''as is''. condition with no warranties:

 

 

 

 

 

 

 

.

Seller represents that such items shall be operational at the time of closing, except:

 

 

 

5. PURCHASE PRICE: For such Deed and conveyance Buyer agrees to pay the total purchase price of $

 

.

Buyer

has made; or

will make within

 

business days of the date of this offer, a deposit of earnest money in the amount

$

 

 

. If said deposit is to be made after the submission of this offer and is not made by the above deadline, this

offer shall be void and any attempted acceptance of this offer in reliance on the deposit being made will not result in a binding contract.

Buyer agrees that an additional deposit of earnest money in the amount of $

 

will be paid

.Failure by Buyer to make this additional deposit in compliance with the above terms shall constitute a default under this Agreement. The remainder of the purchase price shall be paid by a certified or cashier's check upon delivery of the Deed.

This Purchase and Sale Agreement is subject to the following conditions:

6. EARNEST MONEY/ACCEPTANCE:

 

 

(''Agency'') shall hold

said earnest money and act as escrow agent until closing; this offer shall be valid until

 

 

(date)

 

AM

PM; and, in the event of non-acceptance, this earnest money shall be returned promptly

to Buyer. In the event that the Agency is made a party to any lawsuit by virtue of acting as escrow agent, Agency shall be entitled to recover reasonable attorney's fees and costs which shall be assessed as court costs in favor of the prevailing party.

7.TITLE AND CLOSING: A deed, conveying good and merchantable title in accordance with the Standards of Title adopted by the Maine Bar Association shall be delivered to Buyer and this transaction shall be closed and Buyer shall pay the balance due and

execute all necessary papers on(closing date) or before, if agreed in writing by both parties. If

Seller is unable to convey in accordance with the provisions of this paragraph, then Seller shall have a reasonable time period, not to exceed 30 days, from the time Seller is notified of the defect, unless otherwise agreed to in writing by both Buyer and Seller, to remedy the title. Seller hereby agrees to make a good-faith effort to cure any title defect during such period. If, at the later of the closing date set forth above or the expiration of such reasonable time period, Seller is unable to remedy the title, Buyer may close and accept the deed with the title defect or this Agreement shall become null and void in which case the parties shall be relieved of any further obligations hereunder and any earnest money shall be returned to the Buyer.

8. DEED: The property shall be conveyed by adeed, and shall be free and clear of all

encumbrances except covenants, conditions, easements and restrictions of record which do not materially and adversely affect the continued current use of the property.

9.POSSESSION, OCCUPANCY, AND CONDITION: Unless otherwise agreed in writing, possession and occupancy of premises, free of tenants and occupants, shall be given to Buyer immediately at closing. Said premises shall then be broom clean, free of all possessions and debris, and in substantially the same condition as at present, excepting reasonable use and wear. Buyer shall have the right to view the property within 24 hours prior to closing for the purpose of determining that the premises are in substantially the same condition as on the date of this Agreement.

2006

Page 1 of 4 - P&S

Buyer(s) Initials

 

Seller(s) Initials

 

 

 

 

Remax By The Bay 970 Baxter Boulevard,

Portland ME 04103

 

 

Phone: (207) 773-2345

Fax: (207) 773-2525

T8332340.ZFX

Laura Sosnowski

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10.RISK OF LOSS, DAMAGE, DESTRUCTION AND INSURANCE: Prior to closing, risk of loss, damage, or destruction of premises shall be assumed solely by the Seller. Seller shall keep the premises insured against fire and other extended casualty risks prior to closing. If the premises are damaged or destroyed prior to closing, Buyer may either terminate this Agreement and be refunded the earnest money, or close this transaction and accept the premises "as-is" together with an assignment of the insurance proceeds relating thereto.

11.PRORATIONS: The following items, where applicable, shall be prorated as of the date of closing: collected rent, association

fees, (other). The day of closing is counted as a Seller day. Metered utilities such as electricity,

water and sewer will be paid through the date of closing by Seller. Fuel in tank shall be paid by Buyer at cash price as of date of closing. Real estate taxes shall be prorated as of the date of closing (based on municipality's fiscal year). Seller is responsible for any unpaid taxes for prior years. If the amount of said taxes is not known at the time of closing, they shall be apportioned on the basis of the taxes assessed for the preceding year with a reapportionment as soon as the new tax rate and valuation can be ascertained, which latter provision shall survive closing. Buyer and Seller will each pay their transfer tax as required by State of Maine.

12.PROPERTY DISCLOSURE FORM: Buyer acknowledges receipt of Seller's Property Disclosure Form and is encouraged to seek information from professionals regarding any specific issue or concern. The disclosure is not a warranty of the condition of the property and is not part of this Agreement.

13.DUE DILIGENCE: Buyer is encouraged to seek information from professionals regarding any specific issue or concern. Agent makes no warranties regarding the condition, permitted use or value of Sellers' real or personal property. This Agreement is subject to the following investigations, with results being satisfactory to Buyer:

TYPE OF INVESTIGATION YES NO

RESULTS REPORTED

TYPE OF INVESTIGATION YES

 

NO RESULTS REPORTED

 

 

 

 

 

TO SELLER

 

 

 

 

 

 

 

 

TO SELLER

 

a.

General Building

 

 

 

Within

 

days

h. Mold

 

 

 

Within

 

days

b.

Chimney Level II

 

 

 

Within

 

days

i.

Lead Paint

 

 

 

Within

 

days

c.

Environmental Scan

 

 

 

Within

 

days

j.

Arsenic Treated Wood

 

 

 

Within

 

days

d.

Sewage Disposal

 

 

 

Within

 

days

k.

Pests

 

 

 

Within

 

days

e.

Water Quality

 

 

 

Within

 

days

l.

Pool

 

 

 

Within

 

days

 

(including but not limited to radon, arsenic, lead, etc.)

 

m. Zoning

 

 

 

Within

 

days

f.

Water Quantity

 

 

 

Within

 

days

n.

Flood Plain

 

 

 

Within

 

days

g. Air Quality

 

 

 

Within

 

days

o.

Code Conformance

 

 

 

Within

 

days

 

(including but not limited to asbestos, radon, etc.)

 

p.

Insurance

 

 

 

Within

 

days

 

 

 

 

 

 

 

 

q.

Other

 

 

 

 

 

Within

 

days

All investigations will be done by persons chosen and paid for by Buyer in Buyer's sole discretion. If the result of any investigation or other condition specified herein is unsatisfactory to Buyer, Buyer will declare the Agreement null and void by notifying Seller in writing within the specified number of days, and any earnest money shall be returned to Buyer. If the result of any investigation or other condition specified herein is unsatisfactory to Buyer in Buyer's sole discretion, and Buyer wishes to pursue remedies other than voiding the Agreement, Buyer must do so to full resolution within the time period set forth above; otherwise this contingency is waived. If Buyer does not notify Seller that an investigation is unsatisfactory within the time period set forth above, this contingency is waived by Buyer. In the absence of investigation(s) mentioned above, Buyer is relying completely upon Buyer's own opinion as to the condition of the property. Since the determination on the acceptability of the results of the above investigations rests exclusively with Buyer, Seller's signature on this Agreement shall constitute written authorization to release the earnest money to Buyer if Buyer terminates the Agreement under this paragraph and Seller agrees to hold the agency holding the earnest money harmless for returning the earnest money to Buyer in the event of such termination.

14.HOME SERVICE CONTRACTS: At closing, the property

Program to be paid by

Seller

Buyer at a price of $

will

will not be covered by a Home Warranty Insurance

.

15. FINANCING: This Agreement

is

is not subject to Financing. If subject to Financing:

 

 

a. This Agreement is subject to Buyer obtaining a

 

 

loan of

 

% of the purchase price, at an

interest rate not to exceed

 

 

 

 

% and amortized over a period of

 

 

years.

b. Buyer to provide Seller with letter from lender showing that Buyer has made application and, subject to verification of

information, is qualified for the loan requested within days from the Effective Date of the Agreement. If Buyer

fails to provide Seller with such letter within said time period, Seller may terminate this Agreement and the earnest money shall be returned to Buyer.

c. Buyer to provide Seller with loan commitment letter from lender showing that Buyer has secured the loan commitment

withindays of the Effective Date of the Agreement. If Buyer fails to provide Seller with this loan

commitment letter within said time period, Seller may deliver notice to Buyer that this Agreement is terminated three business days after delivery of such notice unless Buyer delivers the loan commitment letter before the end of the three-day period. If the Agreement is terminated under the provision of this sub-paragraph, the earnest money shall be returned to Buyer.

d.Buyer hereby authorizes, instructs and directs its lender to communicate the status of the Buyer's loan application to Seller or Seller's agent.

e.After (b) or (c) are met, Buyer is obligated to notify Seller in writing if the lender notifies Buyer that it is unable or unwilling to proceed under the terms of the financing. Any failure by Buyer to notify Seller within two business days of receipt by Buyer of notice from the lender shall be a default under this Agreement.

f.

Buyer agrees to pay no more than

 

points. Seller agrees to pay up to $

 

toward Buyer's

 

actual pre-paids, points and/or closing costs, but no more than allowable by Buyer's lender.

 

2006

Page 2 of 4 - P&S

Buyer(s) Initials

 

Seller(s) Initials

 

 

 

 

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T8332340.ZFX

g. Buyer's ability to obtain financing

is

is not subject to the sale of another property. See addendum Yes

No

.

h.Buyer may choose to pay cash instead of obtaining financing. If so, buyer shall notify seller in writing and the Agreement shall no longer be subject to financing, and Seller's right to terminate pursuant to the provisions of this paragraph shall be void.

16.AGENCY DISCLOSURE: Buyer and Seller acknowledge they have been advised of the following relationships:

 

of

 

is a

Licensee

 

Agency

 

Laura & Michael Sosnowski

of

Remax By the Bay

is a

Licensee

 

Agency

 

Seller Agent

Disc Dual Agent

Seller Agent

Disc Dual Agent

X

Buyer Agent

Transaction Broker

Buyer Agent

Transaction Broker

If this transaction involves Disclosed Dual Agency, the Buyer and Seller acknowledge the limited fiduciary duties of the agents and hereby consent to this arrangement. In addition, the Buyer and Seller acknowledge prior receipt and signing of a Disclosed Dual Agency Consent Agreement.

17.MEDIATION: Except as provided below, any dispute or claim arising out of or relating to this Agreement or the property addressed in this Agreement shall be submitted to mediation in accordance with the Maine Residential Real Estate Mediation Rules. Buyer and Seller are bound to mediate in good faith and pay their respective mediation fees. If a party does not agree first to go to mediation, then that party will be liable for the other party's legal fees in any subsequent litigation regarding that same matter in which the party who refused to go to mediation loses in that subsequent litigation. This clause shall survive the closing of the transaction. Earnest money disputes subject to the jurisdiction of small claims court will be handled in that forum.

18.DEFAULT: In the event of default by the Buyer, Seller may employ all legal and equitable remedies, including without limitation, termination of this Agreement and forfeiture by Buyer of the earnest money. In the event of a default by Seller, Buyer may employ all legal and equitable remedies, including without limitation, termination of this Agreement and return to Buyer of the earnest money. Agency acting as escrow agent has the option to require written releases from both parties prior to disbursing the earnest money to either Buyer or Seller.

19.PRIOR STATEMENTS: Any representations, statements and agreements are not valid unless contained herein. This Agreement completely expresses the obligations of the parties.

20.HEIRS/ASSIGNS: This Agreement shall extend to and be obligatory upon heirs, personal representatives, successors, and assigns of the Seller and the assigns of the Buyer.

21.COUNTERPARTS: This Agreement may be signed on any number of identical counterparts, such as a faxed copy, with the same binding effect as if the signatures were on one instrument. Original or faxed signatures are binding.

22.ADDENDA: Lead Paint - Explain:

Yes

No ; Other -

Yes

No

The Property Disclosure Form is not an addendum and not part of this Agreement.

23. SHORELAND ZONE SEPTIC SYSTEM: Seller represents that the property does

does not contain a septic system within

the Shoreland Zone. If the property does contain a septic system located in the Shoreland Zone, Seller agrees to provide certification at closing indicating whether the system has/has not malfunctioned within 180 days prior to closing.

24.EFFECTIVE DATE/NOTICE: Any notice, communication or document delivery requirements hereunder may be satisfied by providing the required notice, communication or documentation to the party or their agent. Withdrawals of offers and counteroffers will be effective upon communication, verbally or in writing. This Agreement is a binding contract when signed by both Buyer and Seller and when that fact has been communicated. Agent is authorized to complete Effective Date on Page 1 of this Agreement. Except as

expressly set forth to the contrary, the use of "by (date)" or "within X days'' shall refer to calendar days being counted from the

Effective Date as noted on Page 1 of the Agreement, beginning with the first day after the Effective Date and ending at 5:00 p.m. Eastern Time on the last day counted.

25.CONFIDENTIALITY: Buyer and Seller authorize the disclosure of the information herein to the agents, attorneys, lenders, appraisers, inspectors, investigators and others involved in the transaction necessary for the purpose of closing this transaction. Buyer and Seller authorize the lender and/or closing agent preparing the closing statement to release a copy of the closing statement to the parties and their agents prior to, at and after the closing.

26.OTHER CONDITIONS:

2006

Page 3 of 4 - P&S

Buyer(s) Initials

 

Seller(s) Initials

 

 

 

 

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T8332340.ZFX

A copy of this Agreement is to be received by all parties and, by signature, receipt of a copy is hereby acknowledged. If not fully understood, contact an attorney. This is a Maine contract and shall be construed according to the laws of Maine.

Seller acknowledges that State of Maine law requires buyers of property owned by non-resident sellers to withhold a prepayment of capital gains tax unless a waiver has been obtained by Seller from the State of Maine Revenue Services.

Buyer acknowledges that Maine law requires continuing interest in the property and any back up offers to be communicated by the listing agent to the Seller.

Buyer's Mailing address is

 

 

 

.

 

 

 

 

 

 

BUYER

DATE

BUYER

DATE

Seller accepts the offer and agrees to deliver the above-described property at the price and upon the terms and conditions set forth and agrees to pay agency a commission for services as specified in the listing agreement.

Seller's Mailing address is

 

 

 

.

 

 

 

 

 

 

SELLER

DATE

SELLER

DATE

COUNTER-OFFER: Seller agrees to sell on the terms and conditions as detailed herein with the following changes and/or conditions:

The parties acknowledge that until signed by Buyer, Seller's signature constitutes only an offer to sell on the above terms and the offer will expire unless accepted by Buyer's signature with communication of such signature to Seller by (date)

(time)

 

 

 

AM

 

PM.

 

 

 

 

 

 

 

 

 

 

 

SELLER

 

 

 

 

DATE

SELLER

DATE

The Buyer hereby accepts the counter offer set forth above.

BUYER

DATE

BUYER

DATE

EXTENSION: The time for the performance of this Agreement is extended until

 

 

.

 

 

 

 

 

DATE

 

 

 

 

 

 

 

BUYER

DATE

SELLER

DATE

 

 

 

 

 

 

 

BUYER

DATE

SELLER

DATE

Maine Association of REALTORS®/Copyright © 2006

All Rights Reserved.

Page 4 of 4 - P&S

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T8332340.ZFX

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maine purchase agreement completion process described (stage 1)

2. After filling out the last step, head on to the next part and complete the necessary details in these blanks - This Purchase and Sale Agreement, EARNEST MONEYACCEPTANCE, said earnest money and act as, Agency shall hold date PM and in, TITLE AND CLOSING A deed, DEED The property shall be, deed and shall be free and clear, POSSESSION OCCUPANCY AND, Remax By The Bay Baxter, Page of PS, Buyers Initials, Sellers Initials, Phone, Fax, and TZFX.

Completing part 2 in maine purchase agreement

3. Completing RISK OF LOSS DAMAGE DESTRUCTION, PRORATIONS The following items, PROPERTY DISCLOSURE FORM Buyer, DUE DILIGENCE Buyer is encouraged, TYPE OF INVESTIGATION, YES NO, RESULTS REPORTED, TYPE OF INVESTIGATION, YES NO, RESULTS REPORTED, TO SELLER, TO SELLER, a General Building b Chimney Level, Environmental Scan Sewage Disposal, and Within Within is essential for the next step, make sure to fill them out in their entirety. Don't miss any details!

Step no. 3 in submitting maine purchase agreement

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