Maine Residential Purchase and Sale Agreement

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A Maine residential purchase and sale agreements are contracts that facilitate the sale of a property from a seller to a buyer. The written agreement states the various terms and conditions which both parties must fulfill in order for the sale to go through. Both the buyer and the seller must sign the contract for it to be considered legally valid. State law requires that the seller provide the buyer with a property disclosure statement that lists any property defects and hazards (unless they are exempt as per § 172). This statement must be given to the buyer before or at the time an offer of purchase is made, no later.

Table of Contents

Required 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.

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.

This form covers:

  • Water Supply Systems;
  • Insulation;
  • Waste Disposal Systems;
  • Hazardous Materials;
  • Known Defects; and
  • Access to the Property.

Commercial Property

Commercial Purchase AgreementUse as a formal agreement to buy or sell any type of commercial property.

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