The first step in any land transaction is negotiating the Purchase and Sale Agreement. When a property is listed on the market in Maine, a potential buyer will typically submit an offer in the form of a purchase and sale agreement that lists the terms that are proposed. These terms include any aspect of a deal that is important to one party or the other. Notably, under the Maine Statute of Frauds, all real estate transactions must be in writing and must identify the price, parties, and property, in order to be enforceable.
Other terms that are frequently included in the Purchase and Sale Agreement are the financing terms, down payment amount, inspection and title work timeframes, and due diligence periods. Buyers can identify certain areas of concern that they would like time to investigate. The parties typically also set the closing date for the transaction in the Purchase and Sale Agreement.
Purchase and Sale Agreements will vary from property to property depending on the wishes of the parties involved in the transaction. The Attorneys at Griffin & Jordan will help you craft a Purchase and Sale Agreement or we can advise you on particular terms to include or negotiate in the transaction.
Often, buyers or sellers will have already completed a purchase and sale agreement with their broker and will bring it to us to close the transaction. However much you need our help, we are here to guide you through the process and make sure that your real estate transaction runs smoothly. Call us today!