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.
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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.
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Benjamin W.
I am a California-barred attorney specializing in business contracting needs. My areas of expertise include contract law, corporate formation, employment law, including independent contractor compliance, regulatory compliance and licensing, and general corporate law. I truly enjoy getting to know my clients, whether they are big businesses, small start-ups looking to launch, or individuals needing legal guidance. Some of my recent projects include: -drafting business purchase and sale agreements -drafting independent contractor agreements -creating influencer agreements -creating compliance policies and procedures for businesses in highly regulated industries -drafting service contracts -advising on CA legality of hiring gig workers including effects of Prop 22 and AB5 -forming LLCs -drafting terms of service and privacy policies -reviewing employment contracts I received my JD from UCLA School of Law and have been practicing for over five years in this area. I’m an avid reader and writer and believe those skills have served me well in my practice. I also complete continuing education courses regularly to ensure I am up-to-date on best practices for my clients. I pride myself on providing useful and accurate legal advice without complex and confusing jargon. I look forward to learning about your specific needs and helping you to accomplish your goals. Please reach out to learn more about my process and see if we are a good fit!
Rebecca S.
I absolutely love helping my clients buy their first home, sell their starters, upgrade to their next big adventure, or transition to their next phase of life. The confidence my clients have going into a transaction and through the whole process is one of the most rewarding aspects of practicing this type of law. My very first class in law school was property law, and let me tell you, this was like nothing I’d ever experienced. I remember vividly cracking open that big red book and staring at the pages not having the faintest idea what I was actually reading. Despite those initial scary moments, I grew to love property law. My obsession with real estate law was solidified when I was working in Virginia at a law firm outside DC. I ran the settlement (escrow) department and learned the ins and outs of transactions and the unique needs of the parties. My husband and I bought our first home in Virginia in 2012 and despite being an attorney, there was so much we didn’t know, especially when it came to our HOA and our mortgage. Our real estate agent was a wonderful resource for finding our home and negotiating some of the key terms, but there was something missing in the process. I’ve spent the last 10 years helping those who were in the same situation we were in better understand the process.
March 5, 2021
Adam B.
With over 25 years of experience in the technology sector, I am a strategic business counsel, outsourced general counsel, and a leader of high-performing legal teams aimed to help maximize the efficiency of all stakeholders. I recently joined the renewable energy space with the addition of a new client on its way to becoming the first Chinese battery company to build a battery manufacturing presence in the US beginning with a 1+ GWh cell and pack plant, and a domestic anode and cathode plant. In my most recent full-time role, I served as the Sr. Director and Assistant General Counsel at SMART Global Holdings, where I served as the general counsel for the HPC and AI division of this publicly traded holding company, comprised of four companies, before becoming the global head of the commercial legal function across all portfolio companies, including two multinational industry leaders. During much of my career, I provided outside legal services on a recurring basis for several years advising several high growth start-ups and venture firms as well as house hold names, and also led one of the country's fastest growing infrastructure resellers and managed services providers. My core competencies include contract review, commercial negotiation, legal operations, information security, privacy, supply chain and procurement, alliances and channel sales, HR, and general corporate. I am passionate about leveraging my legal skills to achieve business solutions, supporting innovation and growth in the technology sector, and helping maximize the commercial flow and efficiency at growing companies. I hold an undergraduate business degree, a JD, a MSBA Taxation, and certifications from the California Bar Association, Six Sigma, and ISM.
March 12, 2021
Ema T.
I am a NY licensed attorney experienced in business contracts, agreements, waivers and more, corporate law, and trademark registration. My office is a sole member Law firm therefore, I Take pride in giving every client my direct attention and focus. I focus on getting the job done fast while maintaining high standards.
April 1, 2021
David B.
A twenty-five year attorney and certified mediator native to the Birmingham, Alabama area.
April 15, 2021
Samantha B.
Samantha has focused her career on developing and implementing customized compliance programs for SEC, CFTC, and FINRA regulated organizations. She has worked with over 100 investment advisers, alternative asset managers (private equity funds, hedge funds, real estate funds, venture capital funds, etc.), and broker-dealers, with assets under management ranging from several hundred million to several billion dollars. Samantha has held roles such as Chief Compliance Officer and Interim Chief Compliance Officer for SEC-registered investment advisory firms, “Of Counsel” for law firms, and has worked for various securities compliance consulting firms. Samantha founded Coast to Coast Compliance to make a meaningful impact on clients’ businesses overall, by enhancing or otherwise creating an exceptional and customized compliance program and cultivating a strong culture of compliance. Coast to Coast Compliance provides proactive, comprehensive, and independent compliance solutions, focusing primarily on project-based deliverables and various ongoing compliance pain points for investment advisers, broker-dealers, and other financial services firms.
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
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
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
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
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