Maine Real Estate Purchase Agreement

Last Updated: December 18, 2023 by Phil Ahn

Maine Real Estate Purchase Agreement Template_1 on iPropertyManagement.com

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.

Do Sellers in Maine Have to Disclose Property Defects?

Maine does require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.   

Required Seller Disclosures in Maine

Along with any material defects with the property, sellers in Maine will also need to provide the following:

  • Sellers Property Disclosure Statement. Sellers in Maine 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.
  • Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.