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Maine residential purchase and sale agreement legally binds both the seller and buyer for transferring ownership of residential property for an agreed amount.
Notary – a public officer who can witness the signatures of the buyer and seller.
When does a purchase agreement become legally binding?
The purchase and sale agreement becomes legally binding when both parties sign the contract and the buyer gets the notice that the seller has accepted the deal. The buyer can get the notice in-person, by phone, and/or email.
Seller’s Property Disclosure – State law requires the seller to disclose details about the property’s water supply, insulation, heating, waste disposal, defects, and any hazardous materials.
Source: § 173
Sample Maine Residential Purchase Agreement
https://simpleforms.com/wp-content/uploads/2024/05/Maine-Residential-Real-Estate-Purchase-Agreement-1.pdf