Selling a home in Maine

Maine is a state located in the northernmost part of New England and the eastern United States. Maine is popular for its awesome scenery that includes rocky coastline, low and rolling mountains and forests. Being situated along the coastline, the state is also famous for its seafood cuisine notably lobsters and clams.

The housing market in Maine remains healthy although not as booming as in the previous years. The Maine Real Estate Information System revealed that the number of homes sold in 2006 went up while housing prices also increased. More homes are now available on the market giving buyers more chance to negotiate with sellers.

Start right

Homeowners need not feel too anxious in selling their home on their own. The home selling procedure may not be that complicated if they only do their homework beforehand.

And not only that, they can also save thousands of dollars in commissions if they know how to handle the selling process themselves with the aid of their real estate attorney.

As in any legal transaction, the first thing to do after deciding to sell your home is to consult your attorney. He is the best man who can give you the right information and advice on the legal aspects of selling your home. Your lawyer may also serve as the escrow agent who will keep the earnest money or deposit involved in the transaction until closing. If you’re in doubt about anything including what forms to use, don’t hesitate to seek his help.

Real estate forms

When you have a potential buyer, the first document a homeowner will receive is a purchase offer or sometimes referred to as contract for purchase, purchase agreement, purchase contract or sales agreement. This contract is an agreement between the buyer and seller to purchase a residential property on certain terms and conditions. It addresses restrictions and easements, liens on the property, inspections, disclosures, preparing of documents for closing and maintenance of the home until closing.

Disclosure forms are also important documents provided by the seller to the buyer. One of these is the property disclosure which provides a legal description of the residential property, the condition of the home, its age, repairs previously done and existing defects. Another disclosure required is that on the use of lead-based paint on homes constructed before 1978. Potential lead paint hazards must also be specified on the form. This disclosure should be accompanied by a lead paint pamphlet from the Environment Protection Agency (EPA).

The seller and the buyer may also require an escrow agreement to appoint an escrow agent for the transaction. The agent may be the lawyer of the seller or the buyer’s agent or the title company.

In the event a potential buyer wants to purchase the property with no warranties of any kind, an as-is addendum may be needed. In this case, the seller is free of any responsibility or warranties after the sale of the home. This type of contract form ensures that the buyer assumes all responsibility concerning the property.

On the other hand, if the seller does not agree to the purchase price offered by the buyer, he or she can submit a counter offer before signing any contract. A counter offer states a new selling price and other conditions deemed favorable for the seller.

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