A Maine land contract legally binds the terms for a purchase and sale agreement of vacant land between two parties, whether for commercial- or residential-use land/lots. The document serves to document terms such as the agreed-upon purchase price, any financial contingencies, and applicable due diligence periods for the buyer to survey the land/lot. Upon reaching an accord, the parties must execute the contract and schedule a closing date. The seller will then receive any funds due at signing and formally sign over the property deed to the buyer.
Where to Record? (33 ME Rev Stat § 201) – Deeds must be recorded with the Registry of Deeds in the county where the property is located.
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Maine Residential Property Purchase Agreement
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Maine Commercial Property Purchase Agreement
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