Real estate contracts in Maine require a court-appointed guardian to approve a buyer’s purchase and an escrow account, the most important elements of a mortgage.
In order to receive a mortgage, the buyer must also agree to the terms of the contract.
Maine law, however, does not require a guardian to sign off on a buyer.
“In Maine, the guardian is required to sign any mortgage that is made in the state,” says Lisa O’Neill, senior attorney for the Maine Real Estate Association.
“This means that if you’re in Maine, you need an attorney to sign a real estate agreement and get a mortgage.”
The Maine Legislature has passed legislation that would require the guardian of a real property contract to sign the mortgage.
But the Maine Supreme Court has ruled that it’s up to the guardian to agree to a buyer and to sign for it.
The court ruled that the guardian must sign off, or make a decision, on a contract to be binding.
The Maine Supreme Judicial Court upheld the ruling in 2016, but a new bill to make it more clear to the public about the process for real estate contracts was recently passed.
The bill, introduced in March 2017, is now before the House and Senate Banking, Finance and Insurance Committees.
“Maine has made a great step in providing the protections that a guardian is meant to have,” says House Speaker Chris Sununu.
“The bill does not remove the guardian’s role.
It just gives them a bit more information on how they can make a recommendation.”
The bill would also require a seller to give the buyer written notice of a guardian’s approval.
“You’re asking a guardian for a mortgage and then you’re telling the seller, ‘I want you to sign this document,’ and then they sign the document and you’re done,” says O’Neil.
“It’s very important for a buyer to know what’s going on.”
The Legislature passed a bill in 2016 that also required the seller to write a note of consent on the sale agreement stating the buyer’s rights.
“We know there are still some concerns out there about real estate agents signing off on buyers, so we’re making it clear to everyone that there is a process for approving a mortgage,” says Sununau.
“That is the reason why the bill passed in the first place.”
What’s the difference between a realtor and a realtors agent?
A realtor is a person who acts as an agent or representative for a real-estate firm or broker.
They may act as the agent for a broker, agent for an individual or firm, or a broker or agent for another company.
A real estate agent is the person who manages the actual property, manages the financial transactions, manages any taxes, and ensures the security of the property.
A broker or other broker is the broker who sells the property to a realty company, but does not own or manage the property itself.
A home inspector, for example, is a real Estate agent.
In Maine, real estate deals typically involve real estate brokers.
The real estate company that deals with a real home is called a realestate agent.
If the realestate company is not a real brokerage, it may refer a buyer or a seller for a home inspection.
“If you’re a realist, a real broker, or someone who’s trying to protect the home, you should always have the right to be a guardian of the mortgage contract,” says David Jaffe, executive director of the Maine Home Inspectors Association.
For example, a home inspector can sign a contract with a buyer that says the home is not to be occupied for more than 30 days unless it is for a specific emergency purpose.
“I think that is one of the most critical things to have in place for a homeowner,” says Jaffe.
“Not only does a home owner have a right to know if the property is in danger, but they also have a legal obligation to make sure that it is safe for the homeowner to live there.”
If a buyer does not provide a written notice to the seller that they will have the legal right to have the contract signed, then a real owner has no legal right at all,” he adds.
How much does a mortgage cost? “
A real estate attorney will advise the homeowner on the best way to protect their interests, and then the attorney will work with the realtor to protect them from any loss,” she says.
How much does a mortgage cost?
A mortgage is typically a $300,000 or $400,000 mortgage, depending on the length of the sale.
The maximum monthly payment is $1,500, but can be increased if the homeowner has children.
A $500,000 loan typically requires the buyer to pay a mortgage insurance premium of at least $1.25 million, or $2.8 million in Maine.
The homeowner pays that amount monthly. “When