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Maine Purchase or Sale of Real Property - Land or Lot - Questionnaire

State:
Multi-State
Control #:
US-Q1036
Format:
Word; 
Rich Text
Instant download

Description

This form addresses important considerations that may effect the legal rights and obligations of the parties in a lot or land sale matter. This questionnaire enables those seeking legal help to effectively identify and prepare their issues and problems. Thorough advance preparation enhances the attorney’s case evaluation and can significantly reduce costs associated with case preparation.



This questionnaire may also be used by an attorney as an important information gathering and issue identification tool when forming an attorney-client relationship with a new client. This form helps ensure thorough case preparation and effective evaluation of a new client’s needs. It may be used by an attorney or new client to save on attorney fees related to initial interviews.


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FAQ

A Sale and Purchase Agreement (SPA) is a legally binding contract outlining the agreed upon conditions of the buyer and seller of a property (e.g., a corporation). It is the main legal document in any sale process.

Who Creates the Purchase and Sale Agreement? A real estate agent typically creates a purchase and sale agreement. However, in some cases, depending on local real estate laws, an attorney might be the one who makes the deal. Regardless of who creates the agreement, you can always negotiate terms and conditions.

The transfer tax is collected on the following two transactions. The rate of tax is $2.20 for each $500 or fractional part of $500 of the value of the property being transferred. The tax is imposed ½ on the grantor, A½ on the grantee.

Among the terms typically included in the agreement are the purchase price, the closing date, the amount of earnest money that the buyer must submit as a deposit, and the list of items that are and are not included in the sale.

The Purchase & Sale Agreement (P&S) is a legally binding contract that dictates how the sale of a home will proceed. It comes after the Offer to Purchase, and supersedes that earlier document once it's signed. The P&S is more substantial than the offer and can seem pretty complicated, so I'm going to break it down.

(Rupees ), will be received by the FIRST PARTY from the SECOND PARTY, at the time of registration of the Sale Deed, the FIRST PARTY doth hereby agree to grant, convey, sell, transfer and assign all his rights, titles and interests in the said portion of the said property, fully

Any purchase agreement should include at least the following information:The identity of the buyer and seller.A description of the property being purchased.The purchase price.The terms as to how and when payment is to be made.The terms as to how, when, and where the goods will be delivered to the purchaser.More items...?

Thus, a sale of real property, though not consigned in a public instrument or formal writing, is, nevertheless, valid and binding among the parties, for the rule is that even a verbal contract of sale of real estate produces legal effects between the parties.

Things to include in a letter of intent to purchaseThe full names of the buyer and the seller.The complete address of the property.The agreed-upon purchase price.The agreed-upon earnest deposit.The date of signing the SPA.The terms and conditions that surround the earnest deposit.More items...?

As discussed above, a purchase agreement should contain buyer and seller information, a legal description of the property, closing dates, earnest money deposit amounts, contingencies and other important information for the sale.

More info

Learn how to write a real estate purchase agreement when buying or selling property, and create a custom form. Some of the best ways to find land for sale include:While most real-estate agents can facilitate land purchases, the best agents are ...If there is an actual address, write that down as well. If there is no address (common for vacant land) write down the street the parcel is on ... Recommended Citation. Maine Land Use Planning Commission and Maine Department of Agriculture, Conservation and Forestry, "Buying & Selling. Property: What ... We would have you fill out our owner financing application, and then from$725 depending on real estate taxes proration and if you want title insurance. Step 8 - Closing on the Property ? Purchase agreements are most commonly used for creating a transaction between a buyer and a seller of residential real ... Place a bid on a house, condo, or other private residential property for sale with our free Offer to Purchase Real Estate form. Easily create and customize ... In a real estate transaction, the offer is made by the Buyer when wanting to purchase the property at a set price. Acceptance occurs when the Seller accepts ... This time last year, uncertainty reigned supreme in the office market. The Boulos Company conducted a survey in their Maine and New Hampshire markets. They ...

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Maine Purchase or Sale of Real Property - Land or Lot - Questionnaire