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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Kevin A.
With nearly 20 years’ experience as a seasoned commercial real estate attorney, I am highly proficient in property acquisitions, financing, sales and transfers (including renewable energy and telecommunications projects), commercial lease agreements (office, industrial, retail, and hospitality), construction and property management contracts, due diligence matters, title and survey analysis, strategic litigation oversight, and corporate and regulatory compliance (operating agreements, bylaws, shareholder agreements, NDAs, and indemnity agreements).
"I hired Kevin to review a business lease and purchase agreement - he was extremely helpful and knowledgeable. 10/10, highly recommend!"
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Kelly C.
Hello! I'm an attorney who practices mainly landlord/tenant law (eviction, both plaintiff and defendant side); and criminal law (misdemeanor). I also work as appearance counsel to fill in at hearing when conflicts arise for other lawyers.
Song L.
In her professional life, Song Lo brings in a depth experience as general counsel to various companies and organizations in business and the real estate arena. Over the last 26 years, she has advised both companies and individuals in the areas of corporate investments, real estate development and contracts across multiple markets.Song has extensive experience in understanding how the law impacts companies wherever they might be in their age and stage. Important to investor and entrepreneur efforts, she has advised in the acquisition and transfer of shareholder stocks and assisted in the restructuring of private companies. Her specific areas of expertise are in corporate organization, mergers and acquisitions, employment, investments and real estate development. Specifically in real estate, Song participated in all aspects of development including pre-development and successfully gaining entitlements necessary for residential, senior housing and commercial projects. She holds experience both as legal counsel and as co-developer of real estate development projects. She was an owner and developer of senior cooperatives in Minnesota, with the LifeStyle Communities Group, promoting innovation and active living for all seniors. And, she brings all of this experience to the table at Raven Enterprise Group and RJP Development to enhance and support its services to consult and develop meaningful real estate development projects.
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Kenneth f.
Kenneth D. Ferguson is a distinguished attorney who earned his Juris Doctorate from St. Mary’s School of Law in May 2022. During his time at St. Mary’s, Kenneth displayed exceptional dedication and skill in the field of law, culminating in a historic achievement when his team secured victory in the first-ever National Mock Trial Championship for the university. This remarkable feat showcased Kenneth’s innate talent for advocacy and his unwavering commitment to excellence, earning him a well-deserved induction into the prestigious Order of the Barristers organization. Kenneth serves as a respected member of the Board of Directors for the Texas Young Lawyers Association, where he contributes his insights and expertise to the development of the legal community. Additionally, he holds the esteemed title of Fellow of the Texas Bar Foundation, a recognition of his outstanding contributions to the legal profession. Kenneth is also a valued member of the Texas Bar College, demonstrating his commitment to continuous learning and professional growth. Kenneth is licensed to practice law in a multitude of jurisdictions, including all Texas Courts, the U.S. District Court Northern District of Texas, the U.S. District Court Eastern District of Texas, and their respective Bankruptcy Divisions.
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David S.
An experienced attorney, fully versed in all facets of commercial and developmental real estate, and general corporate practice, including representing all parties in purchasing, asset purchases, leasing and financing transactions. Experienced in the following areas: Real Estate Development/Development Projects • General Contract Drafting and Negotiation • Construction Contracts •Bankruptcy• Corporate Governance • Transactional Real Estate • Real Estate Financing • Litigation Mergers/Acquisitions • Labor and Employment • Management Equipment Leasing • Land Use • Landlord Tenant Matters
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
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
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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Real estate purchase contract
Location: Indiana
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Doc Type: Real Estate Purchase Agreement
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Bid Range: $250 - $950
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