The Maine residential real estate purchase agreement (“residential purchase and sale agreement”) is a contract that outlines the price, terms, rights, and obligations of both the buyer and seller during a residential real estate transaction. Once the agreement has been signed, it may not be terminated unless both parties agree.
Required Seller Disclosures in Maine
Residential real estate purchase agreements commonly contain promises and provisions guaranteeing a property’s condition. Many states legally require sellers to disclose explicit information concerning a property’s condition. In states where this is required and a seller willfully hides such information, they can be sued for fraud.
In Maine, sellers are required to complete a real estate purchase agreement and the following disclosure statement in order for the agreement to be considered legally binding:
Sellers Property Disclosure Statement. Maine’s sellers are required to disclose any known issues that could negatively impact a home’s value or pose an unreasonable risk to the buyers’ safety or health. (33. 7. 1-A)