The Bank Says I Need A ME Purchase And Sale Agreement.
A purchase and sale agreement to buy and sell Maine real estate, what is that?
The bank in Maine lending the money to transfer title, possession to the property listing wants legal paperwork drawn up on paper.
No one’s a mind reader, psychic at the lawyer’s office either.
To spell out who the seller and buyer are. With addresses and contact phone numbers, email addresses of both sides. One purpose of the P & S agreement.
And for the bank if any involved, the attorneys or title company being used to do the property trasfer to be known to all.
Where the Maine property is located on the Earth is provided in a short legal description on the purchase and sale agreement and a deed reference where to find a longer one in the local registry.
Plus the map and lot number of the property from the tax records of the muncipality that the Maine real estate is located in should be part of the purchase and sale contract paperwork. Any points or seller contributions toward the buyer’s closing costs if there is a home loan program involved are in black and white on the contract of sale. Nothing left out.
The home loan program the house is going through and spelling out the interest rate, terms that the approval of the mortgage borrower must secure is reflected. Addressed, typed into the P & S blank spaces.
At the real estate closing, an “old, by the way you need to do this, you said that” is not going to keep tempers from flaring.
Or feelings being hurt from a growing misunderstanding because it was not laid out in writing. A purchase and sale agreement spells it out for all the parties involved in the Maine real estate sale. Buyer, seller, banker, lawyer, appraiser, home inspector, insurance agent…the works.
How much consideration is being provided to buy, sell the property is outlined. Indicating what the size of deposit used to take the property listing in Maine off the market. To put it “under contract” or “sale pending”. You’ve no doubt seen in your travels around Maine the real estate sign riders with one of those two terms on it right?
When is the closing on the real estate property listing going to take place?
That date of on or before for a closing is addressed in a P & S agreement or contract for sale paperwork.
When does everyone hope, expect to get to the closing finish line?
Any personal property like a lawnmower, appliances, furniture or vehicles being conveyed? Outlined on the P & S.
And an attached exhibit or addedum to the contract, the purchase and sale agreement is added if the number of items staying is more than just a few.
Proration of heating oil, fire wood, LP gas and the property taxes are addressed on the purchase and sale agreement too.
A partner to the P & S agreement is a property disclosure form that spells out in writing the condition of all the operating systems of the listing. Is there a right of way, easement, any land in tree growth or getting a special home stead, other property tax reduction? And if the home, house in Maine is older than 1978, a lead base paint addendum is added to the paperwork pile to be signed by both parties.
If approval of a Maine home loan is needed, a clock ticking to provide that is started.
So are the other time frames for performing any inspections the buyer or bank feels are warranted for their satisfaction.
That everything checks out.
These contingencies along with clear title, the property appraising high enough to match or exceed the sales price figure on the P & S is critical.
But so is the list of any defficiencies the appraiser or building inspector may come up with during their examination. And having them addressed prior to closing. Reinspected to make sure they have been before everyone sits down to John and Jane Hancock paperwork.
The purchase and sales agreement contract in Maine can be extended easily.
Or provisions for what happens in the case of a default, when a buyer or seller no longer want to honor the terms and conditions of the purchase and sale agreement? The damages, remedies and course of legal action should be explained before enterting into the agreement of sale. If title problems, other issues are not repairable or will take too long, a buyer may elect not to wait and walk.
Loss of job, being served with divorce paperwork, health issues can all affect a pending Maine real estate sale.
In the case of the buyer or seller in the agreement. Buyer’s remorse can happen as well as a seller who says whoa. What am I doing? I want to change my mind and not go through with the sale.
That’s why there is a puchase and sale agreement to guide the process, spell out the expectations. And set up a list of activities, duties, dates of what has to happen along the way to a long conference room Maine real estate closing table. Here is a list of local Houlton Maine area legal firms, lawyers, attorneys.
207.532.6573 | [email protected] | MOOERS REALTY 69 North St, Houlton ME 04730