Maine Residential Purchase And Sale Agreement

The Maine Residential Real Estate Sale Contract (“Residential Purchase and Sale Contract”) is a contract that describes the price, conditions, rights and obligations of the buyer and seller in a residential real estate transaction. Once the contract is signed, it cannot be terminated unless both parties agree. The Maine sales contract records the details of a sale specific to residential real estate. This form is usually used to present the seller with the initial offer. The buyer will contain their offer, the amount of the serious money deposit and the desired contingencies. The seller will then check the proposal and determine whether or not to accept the terms and conditions available. If they do not accept, they can cope with the adjustments they feel justified. As soon as one party accepts the terms of the other`s offer, it can sign the document to obtain a binding contract. In Maine, sellers are required to enter into a real estate purchase agreement and the following disclosure statement for the contract to be considered legally binding: Hand-owned purchase and sale contracts are contracts that facilitate the sale of real estate from a seller to a buyer.

The written agreement provides for the different conditions that both parties must meet in order for the sale to take place. Both the buyer and the seller must sign the contract to be considered valid. National law requires the seller to provide the buyer with a disclosure statement listing all defects and hazards (unless excluded under item 172). This statement must be made to the buyer before or at the time of the offer to purchase at the latest. Residential sales contracts generally contain promises and provisions that guarantee the condition of a property. Many states legally require sellers to deivate explicit information about the condition of a property. In states where this is necessary and where a seller deliberately conceals such information, they may be prosecuted for fraud. Disclosure of Seller`s Real Estate (No. 173) – All sellers involved in a residential real estate transaction must make a disclosure form for the following portions of the property: Lead-Based Paint Disclosure (42 U.S. Code ` 4852d) – Necessary in the United States, this federal disclosure is required for all homes built before 1978. Seller`s Information Statement (P.

173) – State law requires the seller to provide the buyer with full disclosure of the water supply, insulation, heating, waste and defect treatment, as well as all hazardous substances used in or around the site.