In Maine, sellers are required to make specific disclosures to buyers regarding residential property.[i] This includes information relating to a home’s water supply, heating system, waste disposal system, the presence of any hazardous materials (such as asbestos, lead paint, and radon), whether the home is located within a flood hazard area or experienced any flood events during the seller’s ownership, whether there has been any legal proceedings related to shoreland zoning, and any other defects known to the seller. These disclosures must be made no later than when an offer is received. If the disclosures are made after the offer, the person making the offer has the right to terminate a contract or withdraw the offer for 72 hours after receipt of the disclosures.
Many buyers will hire a real estate broker to assist them with purchasing a home. Brokers are licensed and regulated by the Maine Real Estate Commission. Maine law allows brokers to represent both the seller and the buyer in a transaction, provided they obtain informed written consent from the parties. Home buyers are advised to be especially cautious in this situation, as there is inherent tension between a seller’s interests and a buyer’s interests.
Complaints regarding brokers should be directed to the Commission and can be submitted online.
[i] 33 M.R.S.A. § 173. Residential property is real estate consisting of one or not more than 4 residential dwelling units. Bare land is not considered residential property.