Maine Real Estate Contract: Different Types and Key Terms to Include
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What is a Maine Real Estate Contract?
A real estate contract in Maine is an agreement made between a buyer and seller for the transfer of real property. These contracts are most often used when one party, the buyer, is purchasing residential real estate from another party, the seller.
A real estate contract, often called a purchase and sale agreement, will include specific details about the transaction like the purchase price, a description of the property, and a closing date with associated costs. The contract will also include contingencies and disclosures that both parties must abide by to move forward with the sale.
Common Maine Real Estate Contracts
There are several types of real estate contracts that can be used in Maine. Each contract will have a different purpose depending on the type of property being purchased. These contracts include:
- Residential purchase and sale agreement. A residential purchase and sale agreement is the standard real estate contract used for the transfer of residential property in Maine.
- Real estate assignment contract. A contract used when purchasing investment properties that may require maintenance and repairs. This contract allows the buyer to assign the contract to a second buyer.
- Lease agreement. Used when a landlord wants maintain ownership of their property, but allow a tenant to use it in exchange for a monthly rent.
- Commercial property purchase agreement. Used when buying or selling a commercial property that is zoned for business purposes.
4 Essential Elements of a Maine Real Estate Contract
All real estate contracts in Maine must be in writing. In addition, the following 4 essential elements are required by Maine state laws to make the contract legally binding:
- Identify the parties included in the contract
- Contain the terms of the sale
- Contain the date of the transaction
- Be signed by all parties
What Should Be Included in a Maine Real Estate Contract?
A real estate agent in Maine will often use a state approved form for a real estate contract. This ensures that the contract contains all legally necessary information to facilitate the sale.
When a buyer doesn’t use a realtor, they have the option to hire an attorney to draft a real estate contract. Whether a form is used, or a new agreement is drafted, all real estate contracts should include the following clauses:
- The legal description and address of the property being sold
- The purchase price and terms of payment
- The closing date, which is the date when the buyer will take possession of the property
- Any warranties or representations made by the seller about the property, such as the condition of the roof or the presence of any known defects
- Contingencies or conditions that must be met before the sale can be finalized, such as the buyer obtaining financing or the seller passing a property inspection
- The rights and responsibilities of the parties involved in the transaction, including the buyer's and seller's obligations to complete the sale
- The names and contact information of the parties involved in the transaction, including the real estate agents or brokers representing the buyer and seller
Additional terms and conditions may be included in the contract based on the specific circumstances of the transaction.
Does Maine Require a Real Estate Closing Attorney?
Maine no longer requires that a real estate closing attorney be used when purchasing property. However, it is common for buyers and sellers to use attorneys to assist with the legal aspects of a real estate transaction. An attorney can review and explain the real estate contract, assist with the transfer of title, and handle the closing process.
Frequently Asked Questions
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Meet some of our Maine Real Estate Contract Lawyers
Craig M.
I have been practicing law for more than 7 years in Maine and have owned my law practice, Dirigo Law LLC, since 2020. My practice focuses mostly on Real Estate / Corporate transactions, Wills, Trusts, and Probate matters.
"In our phone conversation, Craig provided options to resolve my title issue"
Nicholas M.
Nicholas Matlach is a cybersecurity expert (CISSP) and an attorney who is dedicated to helping small businesses succeed. He is a client-focused professional who has a deep understanding of the challenges that small businesses face in the digital age. He also provides legal counsel to small businesses on a variety of issues, including formation, intellectual property, contracts, and employment law.
"Enjoyed his demeanor. Professional yet down to earth. The document created for me was very explicit and easy to read. I would recommend :)"
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Jared F.
Jared Fields is an experienced business lawyer and litigator with experience in diverse industries and practice areas. Prior to launching his own practice, he served as the chief legal officer for a group of privately-owned companies, including a real estate development group, construction companies, multiple franchisees, and a professional soccer team. As a result, he is experienced in real estate transactions, commercial agreements of varying degrees of sophistication, employment matters, and litigation, as well as general business legal advice. He was also an in-house attorney for a renewable energy company, where he was responsible for litigation, investigations, enforcement actions, and related securities filing disclosures. Mr. Fields also spent many years as a litigator in private practice, representing clients in matters ranging from securities litigation, to breach of contract, to cases involving real estate and financial services. Mr. Fields has particular experience in legal matters that may involve complex financial, accounting, valuation, and other quantitative issues.
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Gisselle O.
Family law attorney licensed in the State of Florida with 5+ years of experience in litigating family law matter including dissolutions of marriage and paternity/child custody cases. Drafting pleadings, including petitions, motions, and responses Preparing discovery requests and responses Organizing and maintain case files and pleadings Communicating with clients to provide case updates and gather information Conducting legal research and draft legal memoranda Attending court hearings, trials, depositions, mediation, etc. Preparing prenuptial and postnuptial agreement
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Samuel S.
Born in Cleveland, Ohio - 9/15/1974 Lived in Cleveland all my life went to college at Ohio Wesleyan University - graduated in 1996 went to law school at Cleveland Marshall College of Law - graduated in 2001 passed the OH bar exam in 2003 worked at the OH Atty General's office, at cuyahoga county prosecutor office and as a solo practitioner
Faye C.
Practical, efficient and creative solutions for businesses and individuals has been my passion for over a decade. We work with individuals and families to plan their legacies. Estate planning is more than some pieces of paper - it is a gift to your family. From every changing tax laws to questions about probate vs non-probate property, I thrive on counseling others and providing peace of mind. The same mindset goes into working with solopreneurs, entrepreneurs and executives for variety of businesses, addressing their most pressing issues on any given day. From inception to contract drafting to succession planning, we thrive on working with those with lots of ideas to devise and implement strategies to bring those ideas to fruition, foreseeing and anticipating potential pitfalls as well as areas of potential growth.
Davy K.
I am a Swiss-American lawyer based in Florida and specialize in business, investments, and other civil matters. I have won many cases in both state and federal litigation, and arbitration. Before litigation or arbitration, however, I like to prevent these legal disputes by ensuring my clients base their business on strong concrete contracts that will protect them even decades down the road. My clients are my top priority, which is why they get my personal cell and can reach me anytime. My firm is also established on the extremely high standards of professionalism, transparent itemized billing, fast turnaround times and more. For more information, visit: https://www.transnationalmatters.com/
Real Estate
Real Estate Contract
Georgia
WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233
SON AND EX
Meghan T.
Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas
Real Estate
Real Estate Contract
New York
Can you purchase or refinance under a land contract?
I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.
Jane C.
I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.
Real Estate
Real Estate Contract
Illinois
what is better to buy land or rent for construction in US?
we are a construction company from Ukraine, we are planning to build a cottage town in the USA
T. Phillip B.
I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.
Real Estate
Real Estate Contract
Georgia
How many years does a quick claim become effective?s
Number of years for quick claim to be effect ive
Meghan T.
A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas
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