Updated September 20, 2023
A Maine residential purchase and sale agreement is a contract that facilitates the sale of real estate between a buyer and seller. The buyer completes and delivers the agreement to the seller as an offer to purchase. It includes all the terms of the agreement including any personal property, earnest money, financing terms, closing date, and inspection periods. If the purchase is subject to financing, the property may be required to be appraised to a minimum amount.
The purchase agreement is required to include a property disclosure statement that includes general details, such as water supply and heating systems, and any material defects and general details.
Table of Contents |
Disclosures
Lead-Based Paint Disclosure – If the property was built before 1978 and lead-based paint was used on the premises, the buyer must be given notice.
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Seller’s Property Disclosure Statement (§ 173) – State law requires the seller to provide the buyer with full disclosure of the property’s water supply, insulation, heating, waste disposal, and defects, as well as any hazardous materials used in or around the premises.
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The Seller’s Property Disclosure Statement includes:
- Water Supply Systems;
- Insulation;
- Waste Disposal Systems;
- Hazardous Materials;
- Known Defects; and
- Access to the Property.
Exemptions to providing the property disclosure are mentioned in § 172.
Commercial Property
Commercial Purchase Agreement – Use as a formal agreement to buy or sell any type of commercial property.
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