The purchase agreement is a legal document that provides all the details connected to the sale and purchase of a certain item.
Although this document doesn’t transfer any legal rights or ownership over an item, it provides all the terms and conditions under which the seller agrees to sell, and the buyer agrees to buy a certain item. This prevents misunderstandings and potential disputes between the parties.
Maine Purchase and Sale Agreement Form
This document usually includes information about the seller and the buyer, details about the property, the purchase price, details about financing, contingencies, and other terms and conditions connected to the sale and purchase of the property.
The Maine purchase agreement is also known as:
Other Names for Maine Purchase and Sale Agreement Form
Maine sale and purchase agreement
Maine purchase and sale agreement
Maine sales and purchase contract
Maine purchase and sales contract
However, it all refers to one document that provides the terms and conditions for the property transfer in Maine.
Purchase Agreement Maine Laws & Requirements
In Maine, there are no specific regulations regarding the form of the purchase agreement. Nevertheless, when dealing with real estate transactions in Maine, it is important to incorporate specific disclosures in your purchase agreement.
Purchase Agreement Required Disclosures in Maine
Here, you can find the list of disclosures that must be included in the Maine purchase agreement:
Lead-Based Paint Disclosure: According to 42 U.S. Code § 4852d, the seller is obliged to notify the buyer about the presence of the lead-based paint hazard on the property. This requirement applies to all properties built before 1978 and to properties with known lead-based paint hazards.
Seller’s Property Disclosure: The seller must disclose information about the property’s condition, including water supply, wastewater disposal, heating system, hazardous materials, and general information about the property’s condition. Disclosure can be included in the purchase agreement template, or it can be attached to the purchase agreement as a separate document. (§ 173)
Common Types of Purchase Agreements in Maine
This section provides all the types of purchase agreements used in Maine:
Variety of Purchase Agreement
Residential real estate purchase agreement. Parties use it to determine the conditions for selling and purchasing a house, apartment, or other kinds of property used for residential purposes.
Commercial real estate purchase agreement. You can use this type of purchase agreement form to sell and purchase office space, warehouses, manufacturing facilities, and other kinds of commercial properties.
Vehicle purchase agreement. Known as the motor vehicle bill of sale. You can use it to transfer ownership of a car, motorcycle, truck, and other kinds of motor vehicles.
Business purchase agreement. Used to provide terms for transferring the company shares between the seller and the buyer.
Land purchase agreement. You can use it to provide terms and conditions for the transfer of agricultural, residential, commercial, or other kinds of land in Maine.
Stock purchase agreement. This type of purchase agreement form is used for selling stocks and shares in companies.
Purchase Agreement in Maine FAQ
Yes, the Maine purchase agreement is a legally binding document. However, to be legally binding, the purchase agreement must contain all the elements required by law and be signed by both parties.
Yes, the Maine sales agreement needs to state the purchase price. If it is not included in the document, it will not be effective since it doesn’t provide the main obligation of the buyer.
No, purchase and sales agreements in Maine don’t need to be notarized. Considering that the purchase agreement doesn't transfer any legal rights between the parties, the seller and buyer can sign it without the presence of a notary public.
The seller can back out of the Maine purchase agreement without consequences only if the buyer fails to meet the contingencies set out in the purchase agreement.