Fillable Printable Purchase and Sale Agreement - Maine

Purchase and Sale Agreement - Maine

Page 1 of 5 P & S Buyers Initials____________ Sellers Initials _________________

PURCHASE AND SALE AGREEMENT

Date: Effective Date:

Effective Date is defined in Paragraph 23 of this Agreement

1. PARTIES: This Agreement is made between ______________________________________________

(hereinafter called "Buyer") and the Maine Department of Transportation (hereinafter called "Seller").

2. DESCRIPTION: Subject to the terms and conditions hereinafter set forth, Seller agrees to sell and Buyer agrees

to buy the property situated in municipality of ___________, County of _____________, State of Maine, which is

a part of property located at __________________________ as described in in a deed recorded at __________

County Registry of Deeds in Book _____, Page ___. If "part of” see Other Conditions (paragraph 26) for

explanation.

3. FIXTURES: The Buyer and Seller agree that, if applicable, all fixtures, including but not limited to existing

storm and screen windows, shades and/or blinds, shutters, curtain rods, built -in appliances heating

sources/systems including gas and/or kerosene-fired heaters and wood stoves, sump pump and electrical fixtures

are included with the sale except for the following:

Seller represents that all mechanical components of fixtures will be operational at the time of closing except: The

property is being sold “as is, where is”.

4. PERSONAL PROPERTY:

5. PURCHASE PRICE: For such conveyance Buyer is to pay the total purchase price of

$_____________________. The Buyer will deliver to the Seller’s agent, concurrent with this offer, a deposit of

earnest money in the amount of $___________________. If said deposit is not delivered simultaneously with this

offer, this offer shall be void and any attempted acceptance of this offer in reliance on the deposit being delivered

will not result in a binding contract. The remainder of the purchase price shall be paid by a certified or cashier’s

check upon delivery of the Deed. All payments shall be made payable to the “Treasurer, State of Maine”

This Purchase and Sale Agreement is subject to the following conditions:

6. EARNEST MONEY/ACCEPTANCE: Seller’s agent shall hold said earnest money and act as escrow agent until

closing. This offer shall be valid until 5:00 p.m. on the fifth business day after the minimum 2 week advertising

period has expired, or for 5 business days from the effective date of the offer. In the event of non-acceptance, this

earnest money shall be returned promptly to Buyer. In the event that the Agency is made a party to any lawsuit

by virtue of acting as escrow agent, Agency shall be entitled to recover reasonable attorney’s fees and costs which

shall be assessed as court costs in favor of the prevailing party.

7. TITLE AND CLOSING: A Governor’s Deed shall be delivered to Buyer and this transaction shall be closed and

Buyer shall pay the balance due and execute all necessary papers within 30 days of the time the deed has been

fully executed, unless otherwise agreed to in writing by both parties. Seller makes no representations or

warranties concerning title to the Premises. Buyer shall have 30 calendar days from the Effective Date of this

Agreement to conduct a title examination. If Buyer, in their sole discretion, is not satisfied with the results of such title

examination, then Buyer may elect, by giving written notice to Seller on or before the expiration of such 30 day period to

terminate this Agreement.

8. DEED: The property shall be conveyed by a Governor’s Deed without warranties or covenants of title.

9. POSSESSION, OCCUPANCY, AND CONDITION: Unless otherwise agreed to in writing, possession and

occupancy of premises, free of tenants and occupants, shall be given to Buyer immediately at closing. Said

premises shall then be broom clean, free of all possessions and debris, and in substantially the same condition as

at present, excepting reasonable use and wear. Buyer shall have the right to view the property within 24 hours

Page 2 of 5 P & S Buyers Initials____________ Sellers Initials _________________

prior to closing for the purpose of determining that the premises are in substantially the same condition as on the

date of this Agreement.

10. RISK OF LOSS, DAMAGE, DESTRUCTION AND INSURANCE: Prior to closing, risk of loss, damage, or

destruction of premises shall be assumed solely by the Seller. If the premises are damaged or destroyed prior to

closing, Buyer may terminate this Agreement and be refunded the earnest money.

11. FUEL / UTILITIES / PRORATIONS: The following items, where applicable, shall be prorated as of the date of

closing: rent, association fees, or other similar incomes and expenses. Metered utilities such as electricity, water and

sewer will be paid through the date of closing by Seller. Fuel in the heating fuel tank shall be paid by the Buyer at the

cash price as of the date of closing of the company that last delivered the fuel. Buyer will pay their share of the

transfer tax as required by State of Maine. Seller is exempt from transfer tax and municipal real estate tax.

12. DUE DILIGENCE: Seller does not make any warranties regarding the condition, permitted use or value of Seller’s

real or personal property, or any representations as to compliance with any federal, state, or municipal codes, including,

but not limited to fire, life safety, electrical and plumbing. Buyer is encouraged to seek information from professionals

regarding any specific issue or concern. Seller makes no warranties regarding the condition, permitted use or value of

Seller’s real or personal property. This Agreement is subject to the following inspections, with results being

satisfactory to Buyer:

All investigations will be done by persons chosen and paid for by Buyer in Buyer’s sole discretion. If the result of any

investigation or other condition specified herein is unsatisfactory to Buyer, Buyer will declare the Agreement null and

void by notifying Seller in writing within the specified number of days, and any earnest money shall be returned to

Buyer. If the result of any inspection or other condition specified herein is unsatisfa ctory to Buyer, and Buyer wishes to

pursue remedies other than voiding the Agreement, Buyer must do so to full resolution within the time period set forth

above; otherwise this contingency is waived. If Buyer does not notify Seller that an inspection is un satisfactory within

the time period set forth above, this contingency is waived by Buyer. In the absence of inspection(s) mentioned above,

Buyer is relying completely upon Buyer's own opinion as to the condition of the property.

Type of Inspection Yes No Results

Reported to

Seller

Type of Inspection Yes No Results

Reported to

Seller

a. General Building Within Days j. Lead Paint Within Days

b. Chimney

Within

Days k. Arsenic Treated

Wood

Within

Days

c. Environmental

Scan

Within

Days

l. Pest

Within

Days

d. Sewage Disposal - Within Days m. Pool Within Days

e. Water Quality - Within Days n. Zoning Within Days

(including but not limited to radon, arsenic, lead, etc.)

o. Habitat Review /

Waterfowl

f. Water Quantity Within Days p.. Flood Plain

g Air Quality - -

Within

Days q. Code

Conformance

Within

Days

(including but not limited to radon, arsenic, lead, etc.) r. Insurance

h. Square Footage

Within

Days s. Lot Size /

acreage

Within

Days

i. Mold

Within

Days t. Coastal

Shoreland Septic

Within

Days

u. Other _______ Within Days

Page 3 of 5 P & S Buyers Initials____________ Sellers Initials _________________

13. FINANCING: This Agreement _______is or ____is not subject to financing. If subject to Financing:

a. This Agreement is subject to Buyer obtaining an approved conventional mortgage of not less than________ % of

the purchase price, at an interest rate not to exceed ________% and amortized over a period of _______ years.

Buyer to provide Seller with letter from lender showing that Buyer has made application and, subject to

verification of information, is qualified for the loan requested within 14 days from the Effective Date of the

Agreement. If Buyer fails to provide Seller with such letter within said time period, Seller may terminate this

Agreement and the earnest money shall be returned to Buyer.

Buyer to provide Seller with loan commitment letter from lender within 30 days of the Effective Date of the

Agreement. If Buyer fails to provide Seller with this loan commitment letter within said time period, Seller may

deliver notice to Buyer that this Agreement is terminated three days after delivery of such notice unless Buyer

delivers the loan commitment letter before the end of the three-day period. If the Agreement is terminated under

the provision of this sub-paragraph, the earnest money shall be returned to Buyer.

Buyer hereby authorizes, instructs and directs its lender to communicate the status of the Buyer’s loan

application to Seller or Seller's agent.

After (b) and (c) are met, Buyer is obligated to notify Seller in writing if the lender notifies Buyer that it is

unable or unwilling to proceed under the terms of financing. Any failure by Buyer to notify Seller within 48

hours of receipt by Buyer of notice from the lender shall be a default under this Agreement.

Buyer agrees to pay no more than ___points. Seller agrees to pay no points and none of the Buyer's closing

costs.

Buyer’s ability to obtain financing ____ is or ____is not subject to the sale of another property.

h. Buyer may choose to pay cash instead of obtaining financing. If so, Buyer shall notify Seller in writing and the

Agreement shall no longer be subject to financing, and Seller’s right to terminate pursuant to the provisions of

this paragraph shall be void.

14. BROKERAGE DISCLOSURE: Buyer and Seller acknowledge they have been advised of the following relationships:

Seller’s Agent:

Buyer’s Agent:

There are no other known Licensees associated with this agreement.

15. PROPERTY DISCLOSURE FORM: Buyer acknowledges receipt of Seller's Property Disclosure Form and the

information developed by the Maine Center for Disease Control and Prevention (formerly Maine Bureau of Health) regarding

arsenic in private water supplies and arsenic in treated wood.

16. ENVIRONMENTAL: Seller makes no representations or warranties about the environmental condition of the Premises,

including but not limited to the presence of hazardous waste, toxic materials, or any other condition or substance that may

support a claim under the common law or under any federal, state or local environmental statute, regulation, ordinance or

other environmental regulatory requirement.

17. DEFAULT: In the event that either Buyer or Seller is unable to perform their respective obligations then the

obligations of the parties shall cease, and this Agreement shall be void and neither party shall have further recourse

against the other except that Seller shall retain the Deposit if Buyer’s failure to perform occurs after the expiration of the

Due Diligence Period as set forth in Section 12. This shall not apply to any obligations existing on or after the closing

date.

18. PRIOR STATEMENTS: Any representations, statements and agreements are not valid unless contained herein. This

Agreement completely expresses the obligations of the parties.

19. HEIRS/ASSIGNS: This Agreement shall extend to and be obligatory upon the successors and assigns of the Seller and

the heirs, personal representatives, successors and assigns of the Buyer.

Page 4 of 5 P & S Buyers Initials____________ Sellers Initials _________________

20. COUNTERPARTS: This Agreement may be signed on any number of identical counterparts, such as a faxed copy,

with the same binding effect as if the signatures were on one instrument. Original or faxed signatures are binding.

21. ADDENDA: Lead Paint – It is unknown by the Seller if there is any lead paint on or in any building improvements, if

any exist.

22. SHORELAND ZONE SEPTIC SYSTEM: Seller represents that the property does not contain a septic system within

the Shoreland Zone. If the property does contain a septic system located in the Shoreland Zone, Seller agrees to provide

certification at closing indicating whether the system has/has not malfunctioned within 180 days prior to closing.

23. EFFECTIVE DATE/ NOTICE: Any notice, communication or document delivery requirements hereunder may be

satisfied by providing the required notice, communication or documentation to the party or their licensee. Withdrawals of

offers and counteroffers will be effective upon communication, verbally or in writing. This Agreement is effective when

signed by both Buyer and Seller. Seller’s Agent is authorized to fill in the Effective Date on Page 1 hereof. Except as

expressly set forth to the contrary, the use of the term "days" in this Agreement, including all addenda made a part

hereof, shall mean calendar days. Deadlines in this Agreement, including all addenda, expressed as "within x days"

shall be counted from the Effective Date, unless another starting date is expressly set forth, beginning with the first day

after the Effective Date, or such other established starting date, and ending at 5:00 p.m. Eastern Time on the last day

counted.

24. CONFIDENTIALITY: Buyer and Seller understand that the terms of this Agreement are confidential to the extent

authorized by law, but authorize the disclosure of the information herein to the agents, attorneys, lenders, appraisers,

inspectors and others involved in the transaction necessary for the purpose of closing this transaction. Buyer and Seller

authorize the lender and/or closing agent preparing the entire closing statement to release a copy of the closing statement

to the parties and their agents prior to, at and after the closing.

25. APPROVALS: This transaction is subject to approval by the Commissioner of the Maine Department of

Transportation and the Governor of the State of Maine.

26. OTHER CONDITIONS: The property offered for sale is a_______________________________________________,

____________, Maine.

A copy of this Agreement is to be received by all parties and, by signature, receipt of a copy is hereby acknowledged.

If not fully understood, contact an attorney. This is a Maine contract and shall be construed according to the laws of

Maine.

Seller acknowledges that State of Maine law requires buyers of property owned by non-resident sellers to withhold a

prepayment of capital gains tax unless a waiver has been obtained by Seller from the State of Maine Bureau of

Taxation.

Buyer acknowledges that Maine law requires continuing interest in the property and any back up offers to be

communicated by the listing agent to the Seller.

(Signatures on the following page)

Page 5 of 5 P & S

Buyer’s mailing address is:

BUYER:

DATE

Seller accepts the offer and agrees to deliver the above described property at the price and upon the terms and conditions set

forth in this agreement.

Seller’s mailing address is: 16 State House Station, Augusta, Maine

SELLER: Todd Pelletier

Director Property Office

Maine Department of Transportation

DATE