Maine Residential Purchase and Sale Agreement
A Maine residential purchase and sale agreement is a legal contract enabling buyers and sellers to sell and purchase real estate property. The buyer is responsible for filling out and submitting the agreement to the seller as an offer to buy. This agreement includes all the terms and conditions of the transaction, such as the personal property involved, the amount of earnest money, financing terms, the closing date, and the inspection periods. A minimum property appraisal may be required if the buyer brings the financing to purchase the property.
The purchase agreement must also include a property disclosure statement, which provides comprehensive details about the property, such as the water supply and heating systems, material defects, and other relevant information.
When does a Purchase Agreement become Legally Binding?
The legal obligation of the parties to the contract is established upon two key events: the acknowledgment of the seller’s acceptance by the buyer, which is generally effected by means such as electronic mail or telephone communication, and the signing of the agreement by both parties. Only after these conditions are met does the purchase agreement become legally binding.
Lead-Based Paint Disclosure – All Maine properties built before 1978 must have this form attached.
Source: § 14, Ch. 710
Maine Association of Realtors
Maine Association of Realtors Purchase and Sale Agreement PDF Version
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