What is a seller obligated to disclose?

In general, you have an obligation to disclose potential problems and material defects that could affect the value of the property you're trying to sell. In addition, it is considered illegal in most states to deliberately conceal major defects on your property.

US Legal Forms
Forms Catalog
Real Estate
Maine Residential Real Estate Sales Disclosure Statement

Maine Residential Real Estate Sales Disclosure Statement

Q: What disclosures are required when selling a house?

California&#039;s Especially Stringent Disclosure Requirements Sellers must fill out and give the buyers a disclosure form listing a broad range of defects, such as a leaky roof, deaths that occurred within three years on the property, neighborhood nuisances such as a dog that barks every night, and more.

Category:

Real Estate - Home Sale

State:

Maine

Control #:

ME-37014

Format:

Instant download

This form is part of a form package!

Get all related documents in one bundle, so you don’t have to search separately.

View package

Description

This form is a Seller's Disclosure Statement for use in a residential sales transaction in Maine. This disclosure statement concerns the condition of property and is completed by the Seller.

Declaracion de Descargo de Responsabilidad y Descripcion de una Propiedad Residencial. Residential Property Disclosure and Disclaimer Statement

View this form

Real Estate Transfer Disclosure Statement

View this form

State Disclosure List

View this form

Real Estate Disclosure Agreement

View this form

Residential Real Estate Disclosure Form

View this form

Built-in online Word editor

Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.

Export easily

Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.

E-sign your document

Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.

Notarize online 24/7

If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.

Store your document securely

We protect your documents and personal data by following strict security and privacy standards.

Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.

Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.

Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.

If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.

We protect your documents and personal data by following strict security and privacy standards.

Looking for another form?

This field is required

Home Sale Deed Quitclaim Deed Lady Bird Deed Mortgage Right of First Refusal Land or Executory Contract

Proposal to decrease authorized common and...

View this form

Key Concepts & Definitions

The residential real estate sales disclosure statement is a document that sellers of residential property in the United States are typically required to provide to prospective buyers. This legal form outlines any known issues or defects with the property that could affect its value or desirability. This includes information on things like the age of the roof, any history of water damage, or issues with the foundational structures.

Step-by-Step Guide

Understand Local Requirements: Review the local state laws relevant to residential real estate disclosures to ensure you comply with all legal requirements.
Inspect Your Property: Conduct a thorough inspection of your property or hire a professional inspector to uncover any potential issues that must be disclosed.
Fill Out the Disclosure Statement: Complete the disclosure statement accurately, detailing all known issues. Honesty is crucial to avoid legal repercussions.
Review and Update: Reevaluate the statement prior to any sale to update any new issues that have arisen since the initial report.
Provide to Buyer: Present the completed disclosure statement to the buyer either before or during the sale process, as dictated by state law.

Risk Analysis

Failure to provide a complete and accurate disclosure statement can lead to legal consequences including lawsuits for fraud, misrepresentation, or breach of contract. Financial risks include potential restitution payments or court fees. Additionally, ethical concerns might affect the sellers reputation in the marketplace.

Key Takeaways

Honesty is Crucial: Accurately disclosing property issues is vital to avoid legal consequences.
Local Laws Vary: Disclosure requirements differ from state to state; always consult local regulations.
Documentation: Keep a copy of all disclosure documents as part of your real estate transaction records.

Best Practices

Professional Inspections: Hire professional inspectors to ensure a thorough property examination and reliable reporting on its condition.
Regular Updates: Update disclosure statements as new information becomes available or as property conditions change.
Legal Consultation: Seek advice from real estate attorneys to ensure compliance with local laws and mitigation of potential legal risks.

Common Mistakes & How to Avoid Them

Omitting Information: Ensure that no known issues are left out of the disclosure statement to prevent future claims of misrepresentation.
Assuming Compliance: Do not assume that disclosure norms in one state apply universally. Always verify against current local laws.

How to fill out Maine Residential Real Estate Sales Disclosure Statement?

Greetings to the paramount legal documents archive, US Legal Forms. Here, you can discover any sample including Maine Residential Real Estate Sales Disclosure Statement documents and retain them (as numerous as you desire/need). Compose official paperwork within hours, rather than days or even weeks, without incurring heavy costs with an attorney.

Acquire your state-specific document in mere clicks and feel assured knowing that it was produced by our proficient attorneys.

If you’re already a registered user, simply Log Into your account and click Download next to the Maine Residential Real Estate Sales Disclosure Statement you need. Being web-based, US Legal Forms allows you to always access your downloaded files, irrespective of the device you’re using. Find them in the My documents section.

If you do not possess an account yet, what are you waiting for.
Examine our instructions below to begin.
If this is a state-specific template, verify its legitimacy in your state.
Review the description (if available) to understand if it’s the suitable form.
View additional content with the Preview feature.
If the sample meets all your criteria, click Buy Now.
To establish an account, choose a pricing plan.
Utilize a credit card or PayPal account to register.
Download the document in the format you need (Word or PDF).
Print the document and complete it with your/your business’s information.
After you’ve finalized the Maine Residential Real Estate Sales Disclosure Statement, send it to your attorney for approval. It’s an extra measure but a crucial one for ensuring you’re completely protected.
Join US Legal Forms today and gain access to a multitude of reusable samples.

Form popularity

FAQ

Your state and local law will also have additional disclosure requirements. You can also ask a real estate agent or an attorney for a copy of the disclosure law. Your state's Department of Real Estate might also have information about what disclosures are required in your state.

Whenever you sell real estate, you are obligated to follow local mandatory disclosure laws. This involves informing the buyer about specific hazards or problems affecting the property before the sale is completed.

Full disclosure states include Arizona, California, Colorado, Connecticut, Delaware Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nebraska, New Hampshire, New Jersey, New York, North Dakota, Ohio, Oregon, Pennsylvania, South Carolina, South Dakota,

If a seller fails to disclose, or actively conceals, problems that affect the value of the property; they are violating the law, and may be subject to a lawsuit for recovery of damages based on claims of fraud and deceit, misrepresentation and/or breach of contract.

Under California law, all material facts that affect the value or desirability of the property must be disclosed to the buyer. There is no specific definition or rule on what is considered to be a material fact.

California's Especially Stringent Disclosure Requirements Sellers must fill out and give the buyers a disclosure form listing a broad range of defects, such as a leaky roof, deaths that occurred within three years on the property, neighborhood nuisances such as a dog that barks every night, and more.

Do not exclude any information. Be honest. Write clearly. Use simple words in writing your income statement for disclosure. Attach necessary documents to your disclosure statement. Review and revise.

In general, you have an obligation to disclose potential problems and material defects that could affect the value of the property you're trying to sell. In addition, it is considered illegal in most states to deliberately conceal major defects on your property.

You can find your state real estate agency at the Association of Real Estate License Law Officials website. Or search online for real estate disclosure, disclosure form, or disclosure statement and the name of your state.

Acceptance Of Service

View this form

Affidavit Of Service

View this form

EX PARTE MOTION FOR ORDER OF DEFAULT and DECLARATION IN SUPPORT

View this form

Acceptance of Service

View this form

Affidavit Of Service

View this form

Trusted and secure by over 3 million people of the world’s leading companies

Residential Real Estate Sales Disclosure Statement

Maine Revised Statutes
Title 33, Ch 7, SubCh 1-A

RESIDENTIAL REAL PROPERTY DISCLOSURES

Â§171. Definitions
Â§172. Applicability; exemptions
Â§173. Required disclosures
Â§174. Delivery and time of disclosure; cancellation of contract
Â§175. Change in circumstances
Â§176. Rights and duties of seller and purchaser
Â§177. Liability
Â§178. Effect on other statutes or common law
Â§179. Effective date

Â§171. Definitions

As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings. [1999, c. 476, Â§1 (new).]

1. Known defect. "Known defect" means a condition, known by the seller, that has a significant adverse effect on the value of property, significantly impairs the health or safety of future occupants of the property or, if not repaired, removed or replaced, significantly shortens the expected normal life of the premises. [1999, c. 476, Â§1 (new).]

2. Seller. "Seller" means the owner of the residential real property that is for sale, exchange, sale under an installment contract or lease with an option to buy. [1999, c. 476, Â§1 (new).]

3. Property disclosure statement. "Property disclosure statement" means a written disclosure form prepared by a seller pursuant to section 173. [1999, c. 476, Â§1 (new).]

4. Purchaser. "Purchaser" means a transferee in any of the types of transactions described in section 172. [1999, c. 476, Â§1 (new).]

5. Real estate contract. "Real estate contract" means a contract for the transfer of ownership of residential real property by any of the ways described in section 172. [1999, c. 476, Â§1 (new).]

6. Residential real property. "Residential real property" means real estate consisting of one or not more than 4 residential dwelling units. [1999, c. 476, Â§1 (new).]

Section History:
PL 1999, Ch. 476, Â§1 (NEW).

Â§172. Applicability; exemptions

This subchapter applies to the transfer of any interest in residential real property, whether by sale, exchange, installment land contract, lease with an option to purchase or any other option to purchase, when the transaction is without the assistance of a person licensed to practice real estate brokerage. The following transfers are exempt from this subchapter: [1999, c. 476, Â§1 (new).]

1. Court order. Transfers pursuant to court order, including, but not limited to, transfers ordered by a court in the administration of an estate, transfers pursuant to a writ of execution, transfers by any foreclosure sale, transfers by a trustee in bankruptcy, transfers by eminent domain and transfers resulting from a decree for specific performance; [1999, c. 476, Â§1 (new).]

2. Default. Transfers to a mortgagee by a mortgagor or successor in interest who is in default or transfers to a beneficiary of a deed of trust by a trustor or successor in interest who is in default; [1999, c. 476, Â§1 (new).]

3. Power of sale. Transfers by a sale under a power of sale or any foreclosure sale under a decree of foreclosure after default in an obligation secured by a mortgage or deed of trust or secured by any other instrument containing a power of sale, or transfers by a mortgagee or a beneficiary under a deed of trust who has acquired the residential real property at a sale conducted pursuant to a power of sale under a mortgage or deed of trust or a sale pursuant to a decree of foreclosure or who has acquired the residential real property by a deed in lieu of foreclosure; [1999, c. 476, Â§1 (new).]

4. Fiduciary. Transfers by a fiduciary in the course of administration of a decedent's estate, guardianship, conservatorship or trust; [1999, c. 476, Â§1 (new).]

5. Coowner. Transfers from one or more coowners solely to one or more other coowners; [1999, c. 476, Â§1 (new).]

6. Testate; intestate succession. Transfers pursuant to testate or intestate succession; [1999, c. 476, Â§1 (new).]

7. Consanguinity. Transfers made to a spouse or to a person or persons in the lineal line of consanguinity of one or more of the owners; [1999, c. 476, Â§1 (new).]

8. Divorce. Transfers between spouses resulting from a judgment of divorce or a judgment of separate maintenance or from a property settlement agreement incidental to such a judgment; [1999, c. 476, Â§1 (new).]

9. Government. Transfers or exchanges to or from any governmental entity; [1999, c. 476, Â§1 (new).]

10. Relocation. Transfers from an entity that has taken title to a residential real property to assist the prior owner in relocating, as long as the entity makes available to the purchaser a copy of the property disclosure statement furnished to the entity by the prior owner; [1999, c. 476, Â§1 (new).]

11. Living trust. Transfers to a living trust; and [1999, c. 476, Â§1 (new).]

12. Corrective deed. Transfers that, without additional consideration and without changing ownership or ownership interest, confirm, correct, modify or supplement a deed previously recorded. [1999, c. 476, Â§1 (new).]

Section History:
PL 1999, Ch. 476, Â§1 (NEW).

Â§173. Required disclosures

Unless the transaction is exempt under section 172, the seller of residential real property shall provide to the purchaser a property disclosure statement containing the following information: [1999, c. 476, Â§1 (new).]

1. Water supply system. The type of system used to supply water to the property. If the property has a private water supply, the seller shall disclose:
A. The type of system; [1999, c. 476, Â§1 (new).]

B. The location of the system; [1999, c. 476, Â§1 (new).]

C. Any malfunctions of the system; [1999, c. 476, Â§1 (new).]

D. The date of the most recent water test, if any; and [1999, c. 476, Â§1 (new).]

E. Whether the seller has experienced a problem such as an unsatisfactory water test or a water test with notations; [1999, c. 476, Â§1 (new).]
[1999, c. 476, Â§1 (new).]

2. Insulation. The type and location of insulation used on the property; [1999, c. 476, Â§1 (new).]

3. Waste disposal system. The type of waste disposal system used on the property. If the property has a private waste disposal system, the seller shall disclose:
A. The type of system; [1999, c. 476, Â§1 (new).]

B. The size and type of the tank; [1999, c. 476, Â§1 (new).]

C. The location of the tank; [1999, c. 476, Â§1 (new).]

D. Any malfunctions of the tank; [1999, c. 476, Â§1 (new).]

E. The date of installation of the tank; [1999, c. 476, Â§1 (new).]

F. The location of the leach field; [1999, c. 476, Â§1 (new).]

G. Any malfunctions of the leach field; [1999, c. 476, Â§1 (new).]

H. The date of installation of the leach field; [1999, c. 476, Â§1 (new).]

I. The date of the most recent servicing of the system; [1999, c. 476, Â§1 (new).]

J. The name of the contractor who services the system; and [1999, c. 476, Â§1 (new).]

K. For systems within shoreland zones, disclosures on septic systems required by Title 30-A, section 4216; [1999, c. 476, Â§1 (new).]
[1999, c. 476, Â§1 (new).]

4. Hazardous materials. The presence or prior removal of hazardous materials or elements on the residential real property, including, but not limited to:
A. Asbestos; [1999, c. 476, Â§1 (new).]

B. Lead-based paint for pre-1978 homes in accordance with federal regulations; [1999, c. 476, Â§1 (new).]

C. Radon; and [1999, c. 476, Â§1 (new).]

D. Underground oil storage tanks as required under Title 38, section 563, subsection 6; and [1999, c. 476, Â§1 (new).]
[1999, c. 476, Â§1 (new).]

5. Known defects. Any known defects. [1999, c. 476, Â§1 (new).]

Section History:
PL 1999, Ch. 476, Â§1 (NEW).

Â§174. Delivery and time of disclosure; cancellation of contract

1. Delivery and time of disclosure. The seller of residential real property under this subchapter shall deliver or cause to be delivered the property disclosure statement to the purchaser no later than the time the purchaser makes an offer to purchase, exchange or option the property or exercises the option to purchase the property pursuant to a lease with an option to purchase. [1999, c. 476, Â§1 (new).]

2. Terminate contract. If the property disclosure statement is delivered to the purchaser after the purchaser makes an offer, the purchaser may terminate any resulting real estate contract or withdraw the offer no later than 72 hours after receipt of the property disclosure statement. [1999, c. 476, Â§1 (new).]

3. Withdrawal without penalty. If the purchaser terminates a real estate contract or withdraws an offer in compliance with this section, the termination or withdrawal of offer is without penalty to the purchaser and any deposit must be promptly returned to the purchaser. [1999, c. 476, Â§1 (new).]

4. Rights waived. Any rights of the purchaser to terminate the real estate contract provided by this section are waived conclusively if not exercised prior to settlement or occupancy, whichever is earlier, by the purchaser in the case of a sale or exchange, or prior to settlement in the case of a purchase pursuant to a lease with option to purchase. Any rights of the purchaser to terminate the real estate contract for reasons other than those set forth in this section are not affected by this section. [1999, c. 476, Â§1 (new).]

5. Invalidated. A transfer subject to this subchapter is not invalidated solely because of the failure of any person to comply with this subchapter. [1999, c. 476, Â§1 (new).]

Section History:
PL 1999, Ch. 476, Â§1 (NEW).

Â§175. Change in circumstances

1. Inaccurate information. If information disclosed in accordance with this subchapter becomes inaccurate as a result of any action, occurrence or agreement after the delivery of the property disclosure statement, the resulting inaccuracy does not constitute a violation of this subchapter. [1999, c. 476, Â§1 (new).]

2. Supplemental disclosure. If prior to settlement or occupancy a seller has actual knowledge of an error, inaccuracy or omission in the disclosure after delivery of the property disclosure statement to purchaser, the seller shall supplement the property disclosure statement with a written supplemental disclosure. [1999, c. 476, Â§1 (new).]

Section History:
PL 1999, Ch. 476, Â§1 (NEW).

Â§176. Rights and duties of seller and purchaser

1. Seller's rights and duties. A property disclosure statement and any supplement to a property disclosure statement are not a warranty by the seller. The information in the disclosure statement is for disclosure only and is not intended to be a part of any contract between the purchaser and the seller.
If, at the time the disclosures are required to be made, an item of information required to be disclosed under this subchapter is unknown or unavailable to the seller, the seller may comply with this subchapter by advising the purchaser of the fact that the information is unknown.

The information provided to the purchaser is based upon the best information available to the seller. The seller is not obligated under this subchapter to make any specific investigation or inquiry in an effort to complete the property disclosure statement.

[1999, c. 476, Â§1 (new).]

2. Purchaser's rights and duties. The property disclosure statement and any supplement to the property disclosure statement may not be used as substitutes for any inspections or warranties that the purchaser or seller may obtain. Nothing in this subchapter precludes the obligation of a purchaser to inspect the physical condition of the property. [1999, c. 476, Â§1 (new).]

Section History:
PL 1999, Ch. 476, Â§1 (NEW).

Â§177. Liability

A seller is not liable for any error, inaccuracy or omission of any information required to be delivered to the purchaser under this subchapter if: [1999, c. 476, Â§1 (new).]

1. Without actual knowledge. The error, inaccuracy or omission was not within the actual knowledge of the seller or was based on information provided by a public agency or by another person with a professional license or special knowledge who provided a written or oral report or opinion that the seller reasonably believed to be correct; and [1999, c. 476, Â§1 (new).]

2. Without negligence. The seller was not negligent in obtaining information from a 3rd party and transmitting that information to the purchaser. [1999, c. 476, Â§1 (new).]

Section History:
PL 1999, Ch. 476, Â§1 (NEW).

Â§178. Effect on other statutes or common law

This subchapter is not intended to limit or modify any obligation to disclose created by any other statute or that may exist in common law in order to avoid fraud, misrepresentation or deceit in the transaction. [1999, c. 476, Â§1 (new).]

Section History:
PL 1999, Ch. 476, Â§1 (NEW).

Â§179. Effective date

This subchapter takes effect January 1, 2000. [1999, c. 476, Â§1 (new).]