Maine Real Estate Purchase Contract

Maine Real Estate Purchase Agreement regulates the sale and purchase of real estate units. This fillable purchase agreement template contains personal information of both parties, a description of premises, the price, the way the potential homeowner will organize the payment process, and other terms and conditions that have to be respected by the seller and the buyer. If you decide to involve a licensed agent in the deal, their signature and initials will also be provided in the contract to indicate their responsibilities. Several disclosures need to be attached to make the agreement lawful and enforceable.

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Maine Residential Purchase and Sale Agreement

If you wish to sell your residential premises, you will be required to create the Maine Residential Purchase and Sale Agreement. This document consists of nine pages, where you will find the following information:

  • Parties’ Private Data
  • Premises’ Legal Description
  • Deposit Information
  • Purchase and Price Terms
  • Closing Info
  • Survey
  • Property Condition
  • Other Items

The contract is created as the final step to sell the following types of property:

  • Single-Family Homes
  • Condominiums
  • Planned Unit Development
  • Duplex
  • Triplex
  • Fourplex
  • Or Other.

The buyer may choose how to pay for the property they are about to obtain. Three different options are prescribed in the contract: all cash, bank financing, and seller financing. Ticking the first will mean that the buyer is ready to provide monetary funds for the purchase without taking a loan. In this case, the seller will have three calendar days to inform the other party whether they have received the money or the sum is not acceptable.

The second option implies that the buyer is borrowing the required sum from a bank under one of the conditions described in the paper. If the parties agree upon seller financing, the seller will lend the future homeowner monetary funds with interest.

The buyer possesses the right to inspect the property with a hired contractor to make sure there are no inappropriate defects. The seller is obliged to maintain their property in its current condition.

It is agreed that all rights under the soil shall be transferred to the buyer after the closing.

If any of the provisions in this paper are found ineffective, no other terms or conditions are inoperative. The contract can be modified to correct information that has been considered invalid.

If any of the parties (or both) have hired a legal agent to represent them during the deal, this real estate agent should receive payment for their services as outlined in a separate agreement.

Once the document is checked and revised, all sellers and buyers, together with their agents, if any, must append their signatures, print the names, and date the agreement to show their intention to proceed to its closing.

Maine Commercial Purchase and Sale Agreement

The other kind of the Maine Real Estate Purchase Agreement is the Commercial one. It is very similar to the residential contract, although it is more lengthy and complicated. Typically, the parties in this case are two entities or an individual and an entity. You are highly advised to seek legal consultation before completing the paper and providing signatures when you have the intention to buy or sell commercial premises. This document covers the following issues:

  • Both Parties’ Personal Info
  • Premises Description
  • Price
  • Closing
  • Mineral Rights
  • Title
  • Appraisal
  • Termination
  • Dispute Resolution
  • And Other.

The contract is usually completed to legitimize agreements upon the types of commercial premises below:

  • Industrial Property
  • Land
  • Multi-Family
  • Office Building
  • Retail Property
  • Mixed-Use Property
  • Or Other

The parties will also provide information about the agreement they have reached upon, the manner of payment, and describe both seller(s) and buyer(s) responsibilities. The seller will continue to operate the building during the agreement period.

The offer to purchase commercial property will expire on the indicated date. The agreement should be revoked in such an event, and the earnest money must be returned to the buyer.

If any damage is caused to the premises after the effective date and before the closing, the seller holds accountability for this. Thus, the buyer possesses the right to terminate the contract without any liabilities.

If any dispute related to the issue occurs after signing the paper, both parties should opt for neutral mediation and split the payment for the services. In case no agreement is reached after that, a legal arbitrator has to settle the controversy.

By signing this paper, both parties agree to have understood all the terms and conditions described therein and claim to have disclosed all matter-related information they know. Legal consequences may arise if the seller(s) or the buyer(s) have deliberately provided untrue or incorrect information.

Required Seller Disclosures in Maine

When you wish to sell your personal residential property, according to 42 U.S. Code § 4852d, you will be required to provide the Lead-Based Paint Disclosure if the house was built before 1978. This has to be one to prevent the future homeowner from possible hazardous consequences for their health.

It is also required, as stated in § 173, to complete the Seller’s Property Disclosure Statement. This paper contains information about all malfunctions of the premises, along with general info about the water system, heating system, hazardous materials used to build the house, and other important data.

No particular disclosures, apart from the ones mentioned in the contract, are mandatory to provide if you are negotiating the sale and purchase of commercial premises.

Published: Jun 15, 2021