Maine real estate laws are basically governed by Title 33 of the Maine Revised Statutes. Consequently, Maine real estate laws are unique from other states’ laws.
If you are going to buy a home or property in Maine, then you have to follow the real estate law of the state. However, buying a home or property can be difficult to understand – even for the buyer. Never fear, as we are here to make it easier to follow. This article should help you know more about them.
What must a seller disclose under Maine real estate laws?
First of all, a home seller must disclose the defects of the property to the potential buyer. Basically, a seller has to disclose the information to the best of his or her knowledge. A seller, therefore, does not need to appoint an inspector to find the defects.
According to Section 173 of the Maine Revised Statutes, the seller of the real property should provide a disclosure statement to the potential buyer. The statement should contain the following information about the property.
Water supply system
Due to Maine real estate laws, the home or property seller must disclose everything about the water system in the home or property. This disclosure should contain:
- the type of system
- the location of the system
- any malfunctions of the system
- the latest date of the water test, if any
- details if the water test was unsatisfactory or a water test had notations
Similarly, the seller should also provide details about the heating system to the buyer, disclosing:
- The type of heating system and the source of the heating system
- The age of the heating system
- The name of the company that services the heating system
- The most recent service call date on the heating system or source
- The annual fuel consumption for the heating system or source
- If there has been any malfunction with the heating system within the past two years
Waste Disposal System
Maine real estate law also mandates that the home seller should disclose the condition of the waste disposal system in use in the home or property. If the home or property has a private disposal system, then the seller should disclose the following conditions:
- The type of disposal system
- The size and type of the tank
- The tank’s location
- Any malfunctions of the tank
- The tank’s installation date
- The location of the leach (drainage) field
- Any malfunction in the leach field.
- The leach field’s date of installation
- The date when the system was most recently serviced
- The name of the contractor who services the system
- If the system is within shoreland zones, then disclosure on a septic system is required by Title 30-A, Section 4216
If there are any hazardous materials or elements present in the selling home or property, then the seller should disclose this to the potential buyer. The materials are:
- Lead-based paint for pre-1978 homes under federal regulations and Maine real estate laws
- Underground oil storage tanks as per Title 38, Section 563, Subsection 6
The seller must disclose to the potential buyer any property defects they know about.
Access to the property
If there is any public right of way within the area of the home or the property, then the seller should disclose this.
From the above, it is above all clear that the home seller in Maine must disclose all details and defects of the property as a statement to the potential buyer. However, if the seller fails to disclose these defects, then the buyer may file a lawsuit against the seller.
If you have any queries regarding Maine real estate laws, then please do contact our learned lawyer.