Homes for Sale in Maine – What Are the Documentations Required Closing the Lead?

Homes for sale in Maine require a lot of important legal documents. While selling a house, the seller also needs to complete several formalities. If the homeowner fails to furnish the buyer with all the legal paperwork, then he or she may not only lose the deal, but also face legal actions.

Keeping this in mind, let us find out what documents you need for closing the deals on homes for sale in Maine.

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Residential Property Disclosure

A homeowner needs to present a signed disclosure form to the interested buyer. This form should have the listing of all the known structural and mechanical defects in the home. It is important that the homeowner fills out this form with complete honesty. Many lawsuits and deal cancellations stem from dishonest or incomplete disclosure forms.

Residential Sales Contract

This is one of the most important documents required for transacting while selling a property. This contract covers all the terms and conditions of the sale. It also includes sale price, date of completion of deal, possession date, inspection dates and terms, and conditions under which the agreement can be cancelled.

 

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Counter Offer and Offer Forms

There are many homes for sale in Maine, and they could be offering competitive prices to the buyers. However, if you want to bag the deal and make sure that there are no misunderstandings, then you could request the buyer to fill this form and sign it. Later, you can submit the counteroffer form, in order to get the buyers approval. You need to ensure that each and every sale condition is mentioned on the counteroffer form.

Third Party Funding Addendum

If you plan to arrange for mortgage to help the buyer purchase your property, then you need third party financing addendum. Based on this document, you could terminate the sales contract, if the buyer does not get the required funds in specified period of time. In most of the cases, it protects the buyers from losing earnest money, if their mortgage application is rejected.

 

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Title Documents

Home buyers or the financing firms will need the title documents to finalize and close the deals. You could also hire a professional titles company to get the job done fast and efficiently. They will also handle the responsibility of payment transfer and ensure the closure of deals.

If you are looking for homes for sale in Maine, then you will need to make it a point to talk with your agent about all the paperwork that is involved.

 

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