Maine Laws
Requirement to Record: The option contract or a memorandum of the option contract must be recorded within 20 days in the recorder’s office for the county where the property is located.[1]
Expiration: An option to purchase must state the date by which the option must be exercised.[2]
Maximum Term: There is no statutory cap on the term for a residential lease agreement with an option to purchase.
No Duration: If no date is specified for exercising the option, the purchaser may rescind the option and collect damages, expenses, and fees.[3]
Signing Requirements: Must be in writing and signed by both the seller and the purchaser.[4]
Required Disclosures (8)
1. Bedbug Disclosure – If the property or an adjacent property is being treated for bedbugs, prospective tenants must be made aware.[5]
2. Electricity in Common Areas – The tenant has a right to know that they cannot be billed for electricity in common areas unless they agree to be for some kind of compensation specified in writing.[6]
3. Energy Efficiency Disclosure – A form disclosing the property’s energy usage and energy efficiency levels must be given to a new tenant.[7]
4. Lead-Based Paint Disclosure & EPA Pamphlet – If the property was built before 1978, the landlord must disclose to the tenant that the walls could contain lead-based paint.[8]
5. Radon Disclosure Form – Tenants must be made aware of the results of 10-yearly radon inspections.[9]
6. Rental Housing Rights Disclosure Form (City of Portland ONLY) – Disclosures about tenants’ rights must be provided to new tenants of properties located in Portland.
7. Security Deposit Location – Landlords who collect a security deposit must disclose to tenants the name of the bank and account where the funds are being held.[10]
8. Smoking Policy – Details of the property’s smoking policy must be provided in writing to tenants.[11]
Seller’s Disclosures (1)
1. Seller’s Property Disclosure Statement – 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.[12]