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Selling a House in Maine
Lawyers.comsmSelling a house is one of the most significant legal transactions you'll ever participate in. It's important to know your legal rights and understand the process.
Working With a Real Estate Agent
In Maine, real estate agents may act as agents for sellers, buyers, as dual agents, representing both parties to a real estate sale, or as transactional agents where the agent does not represent either the seller or the buyer, and just assists the parties in completing a sale without being an advocate for either party's interests.
In Maine, real estate agents have what is called a "fiduciary duty" to the person who they are representing, in this case, the seller. If you want a real estate agent to represent your interests as you sell your home, you'll enter into a written contract with the agent, called a listing agreement. In addition to duties or obligations that are stated in a listing agreement or other contract, a fiduciary's duties include:
- Loyalty
- Obedience
- Disclosure
- Confidentiality
- Reasonable care
- Diligence
- Accounting
Under Maine state law, you generally must provide your buyer with a property disclosure statement. You should disclose the following potential house defects:
- Plumbing and sewage problems
- Water leakage of any type, including in basements
- Type of water supply and waste systems and problems with those systems
- Termites or other infestations
- Roof defects
- Heating or air conditioning system problems
- Property drainage problems
- Foundation instabilities or cracks
- Problems with title to the property
- Hazardous materials or conditions, such as, asbestos or radon
- Lead based paint disclosure
- Substantial additions or alterations made without a building permit
- Any other problems
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Purchase Agreements
When you've got a serious buyer, you'll receive a written offer to purchase your home, sometimes called a "purchase and sale agreement," which states the finalized terms and conditions for the sale.
You won't have very long to decide whether or not to take the offer or propose a counteroffer so it's important to be informed ahead of time.
Common counter-proposal items include:
Legal Title Issues
Your Maine real estate lawyer or title company will investigate the legal title of the property you want to sell, and may find issues you'll need to understand.
In Maine, for example, an implied easement may be present where a person grants lands to which there is no accessible right-of-way except over her or his land or retains land that is inaccessible except over the land which the person conveys. In such instances a right-of-way is presumed to have been granted or reserved. Such an implied grant or easement in lands or estates exists where there is no other reasonable and practicable way of accessing the property, and it is reasonably necessary for the beneficial use or enjoyment of the part granted or reserved.
Your property may also be subject to a "lien," which is a charge on the property to satisfy a debt or other obligation owed by the curren owner of the property. A lien encumbers property as long as it exists and has been recorded in the public records.
In Maine, liens on a piece of property may include:
Closing Costs
In Maine, you can expect to pay for some or all of the following charges -called "closing costs"-at the time you sell your home:
- Broker's commission
- Survey
- Title insurance
- Recorded release of mortgage
- Transfer taxes
- Attorney's fee
- Home inspections
Specific Performance
In Maine, a seller who agrees to sell a particular property must do so unless the buyer fails to meet all the terms of the purchase agreement. This is called "specific performance," which is a legal action to compel performance of a contract. For this contract remedy, a court can order the parties to complete the contract. The buyer must then deliver the purchase price and the seller must then deliver the deed. If you have second thoughts on a particular sale, you'll want to immediately contact an attorney.
slight negligence
failure to exercise the great degree of care typical of an extraordinarily prudent person
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