A disclosure statement is an essential form that details the condition of the property. In selling a home in Maine, it’s the seller’s responsibility to disclose property defects that help protect both parties. Although this can be a daunting process, this could help avoid serious defects and legal issues in the long run. Like most of the other states, the Maine state requires a disclosure statement to complete the transaction.
» How To Sell My House Maine: Know the process to sell your home in Maine.
Here are the three disclosure requirements you need to know if you are selling a property in Maine:
- Federal Disclosure of Information on Lead-Based Paint and/or Lead-Based Paint Hazards
- Seller’s Property Disclosure Form
- Smoke Detector Certificate
» How Do I Sell My House As Is Maine: Here is Houzeo’s guide on how to sell your home as-is in Maine.
» Sell My House For Cash Now: Check out the best options to sell your home fast for cash
Residential Lead-Based Paint Hazard Reduction Act
The Residential Lead-Based Paint Hazard Reduction Act passed in 1992 requires the disclosure of any lead-based paint or chipped paint in any housing built before 1978
Maine properties built before the year 1978 are required to comply with the disclosure of information on lead-based paint hazards. Learn more about Maine lead information and how you can avoid the risk of lead poisoning.
A lead hazard can be dangerous that causes contamination to lead, such as lead-contaminated soil, lead-contaminated water, or lead-based paint. There is a Maine-licensed lead inspector who can inspect the property to comply with the licensing real estate requirement to sell. That’s why a risk assessment for lead-based paint is crucial and highly required before the purchase.
The home seller is given a 10-day period to perform a paint inspection or risk assessment for lead-based paint or any related hazards. To get a lead hazard inspection certified (EPA administers) firm, you can visit this site here.
Also Read:
» How To Sell My House Faster Maine: Read our blog if you’re in dire need to sell your house fast in Maine.
Seller’s Property Disclosure Statement
When selling a property in Maine, sellers should disclose any damages or issues about the property sold. A seller should complete a formal disclosure to the buyer accounting for any known defect to the best of his/her knowledge—and to answer fairly and in good faith. These are property defects that could be minor or major issues, such as damaged ceilings, leaky pipes, or broken windows. The disclosure standard form is a legally binding agreement and must not be considered as a warranty for the property.
Here is the following information that a seller should disclose as required by the state and to Maine’s seller disclosure requirements (Title 33: Property Chapter 7: Conveyance of Real Estate Subchapter 1-A: Residential Property Disclosures).
Water Supply System
Home sellers are required to notify the buyer of what type of system is used to supply water to the property. But if the water supply is private, then the seller shall disclose the following:
- Type of system
- Location of the system
- Any malfunctions of the system
- Date of the most recent water test, if any; and
- Whether the seller has experienced a problem such as an unsatisfactory water test or a water test with notations
Insulation
Sellers are also required to disclose to the buyer of any information regarding the insulation in the home.
Heating System or Heating Source
Sellers must divulge details on the system or source used that provide heat to the property.
- Type of heating system or
source
- Age of the heating system or source
- Name of the company that services the heating system or source
- The annual fuel consumption per heating system or source
- Any malfunctions per heating system or source within the past 2 years; and
- The date of the most recent inspection of the chimneys and vents for the heating system or source;
Waste Disposal System
Sellers should also disclose the type of waste disposal system used in the home. But if it’s private, the seller should disclose the:
- Type of system
- Size and type of tank
- Location of the tank;
- Any malfunctions of the tank;
- Date of installation of the tank
- Location of the leach field;
- Any malfunctions of the leach field;
- Date of installation of the leach field;
- Date of the most recent servicing of the system;
- Name of the contractor who services the system; and
- For systems within shoreland zones, disclosures on septic systems
Hazardous Materials
To prevent harmful effects on occupants, the seller must disclose information on the presence of hazardous elements or materials on the residential property.
- Asbestos;
- Lead-based paint for pre-1978 homes following federal regulations;
- Radon;
- Underground oil storage tanks
- Methamphetamine;
Known Defects
It’s crucial that sellers should disclose any known physical property defects that could affect the house’s quality. This is information regarding the property’s condition.
Access to the Property
Information describing the means of accessing the property by:
- A public way, as defined in Title 29-A, section 101, subsection 59; and
- Any means other than a public way, in which case the Seller shall disclose information about who is responsible for maintenance of the means of access, including any responsible road association if known by the seller.
However, there are certain issues such as death, meth labs, hauntings, or other supernatural phenomena that are not necessarily required to disclose when selling a property in Maine. If the buyer wishes to confirm the condition of the property or any defects involved, he/she may do so perform a thorough home inspection. Home inspections such as wood-destroying insect inspections, water availability, and other major or minor issues in the form.
» Can I Sell My Home By Myself Maine: Are you considering selling your house without a realtor? Here are our tips for a smooth selling process.
Smoke Detector Certificate
The State of Maine Smoke Detector and Carbon Monoxide Detector Requirement is an essential certificate in accordance with the manufacturer’s requirements and real estate transaction, especially in Maine. Smoke detectors are required in a. a single-family dwelling the construction of which is completed after January 1, 1982; b. each unit in a building of multifamily occupancy; c. an addition or restoration of an existing single-family that adds at least one bedroom to the dwelling and the construction of which is completed after September 19, 1985; and d. A conversion of a building to a single-family dwelling completed after September 19, 1985 (Title 25, §2464: Smoke detectors).
You can find more information about the Maine Smoke Detector and Carbon Monoxide Law in this document.
What if the seller fails to disclose any of this information to the buyer?
Any seller who fails to notify the buyer from any major or minor defects about the property could lose in a court law. And most possible, it could end the transaction. Misleading and negligent misrepresentation of any material information is punishable by law. If proven guilty of the action, the seller then should pay for the substantial monetary damages and court costs.
Although tricking the buyer can gain you a larger profit, you could still end up paying more. So, when in doubt, it’s better just to disclose something than risk on getting a lawsuit later. Keep it honest and professional. Complete the disclosure requirements to avoid any conflicts during the closing process. If you have questions or don’t know what to do, you should contact your agent or real estate attorney for clarification, or any advice or opinion.
How to List on the MLS as For Sale by Owner?
Tips to Minimize Issues in Maine Disclosure Documents
| Review And Verify | There’s a time allowance (some permit 10 days) to review and verify everything about your Purchase and Sales Agreement—also the square footage, home usage, and marketing. |
| Ask Questions | Ask questions when in doubt. This would help you in avoiding future troubles. |
| Hire A Professional Inspector | A professional inspector can help you gather backup information about the property’s condition. You can also opt for a pre-inspection before listing. » Find out the best home inspectors in Maine. |
| Disclose Everything | To avoid problems in your home disclosure statement disclose everything you know honestly. Even though it’s a minor issue, you must disclose it. |
| Get A Licensed Agent Involved | The best way to avoid disclosure issues is to get a licensed real estate agents in Maine. Agents can help you manage and assist you in the process along the way. |
Maine Seller’s Disclosures are a little complicated. Selling your house FSBO is usually good, but then you would have to deal with all the disclosures on your own. This demands that you be aware of all the disclosure requirements and that any mistake can cost you dearly. Houzeo can help you with this.
- ✍️ Editor’s Note: Though selling your home yourself on a For Sale By Owner website can save you thousands in commission, we highly recommend you add a Flat Fee MLS listing to your marketing strategy. Check out the best Maine Fee MLS Maine.
» ME Flat Fee MLS – Discover The Best Flat Fee MLS Service in Maine
List With Houzeo
By listing your property with Houzeo, you get access to all forms in electronic format. And that too, for FREE! Houzeo has segregated all the disclosures state-wise so that you don’t have to hunt for Maine seller disclosures separately.
Check out some of the Houzeo reviews and how it has helped customers around the US.
Also Read:
- Cash Buyers in Maine – Find out the companies in Maine that buy homes for cash.
- Maine Home Staging – Read our blog to know helpful tricks to make your house attractive to buyers.
- Average Closing Cost in Maine– Know how much are closing costs in Maine.
- Who Pays Closing Costs in Maine– Buyer or Seller? Read more to know who generally pays the closing cost in Maine.
- Is Title Insurance A Scam in Maine– The expanding market reflects how new homeowners want to protect their investment years after closing. But what exactly is title insurance? Let’s find out!
- Top Real Estate Companies in Maine– Here’s our compiled a list of the top 10 real estate companies in Maine.
- Best Time of Year to Sell A House in Maine– Find out the best time to sell your property in Maine.
For ME Seller –
- How Much Are Closing Costs ME For Seller– Find out seller’s closing costs obligations in Maine.
- Seller Closing Costs Calculator Maine– Here’s Houzeo’s closing cost calculator for the seller.
For ME Buyer-
- How Much Are Closing Costs For Buyer in ME– Find out buyer’s closing costs obligations in Maine.
- Maine Buyer Closing Cost Calculator – Here’s Houzeo’s closing cost calculator for the buyer.
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