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 areas of real estate: Contracts to purchase residential real estate generally contain promises and provisions guaranteeing 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. 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. U.S. Legal Forms, Inc. provides Maine Real Estate forms and contracts for all your individual or commercial real estate needs, including purchase and sale agreements, sales contracts, property vouchers, rental forms and others.
Many free forms are not valid. We provide you with the correct valid form. Free previews end available. All Maine Real Estate forms are available in Word format. Learn more about real estate with our purchase or sale of real estate, land or lot questionnaire Maine Purchase and Residential Sale are contracts that facilitate the sale of a property 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.
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: Maine`s 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. Lead Coloring – If the property was built before 1978 and the lead paint was used on the site, the buyer must be informed.