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Maine Alliance for Road Associations

LD 871 Seller Disclosure for Property Sale

  • 12 Aug 2017 5:14 PM
    Message # 5026812

    Betsy- After the meeting on Thursday, I was reading Mary's summary report more closely and have a followup question. The title for this legislation says "...Relating to the Sale of Residential Property.."  My question is does that mean the new requirement does not apply to owners selling property on a currently vacant lot?  Is Residential Property defined? 

    Thanks

  • 17 Aug 2017 3:32 PM
    Reply # 5034334 on 5026812
    Deleted user

    Hi Wayne,

    This legislation only applies to residential properties. The disclosure statute defines residential property as such: "6. Residential real property. "Residential real property" means real estate consisting of one or not more than 4 residential dwelling units." Technically an empty lot would not be required by this statute to disclose such information. This issue was discussed in the committee, but since state law handles discourses of residential properties different than vacant lots, they choose to keep it simple and only apply it to the residential properties. However, standard disclosure forms that real estate agents already use for residential and vacant lots have an option to check if the property is part of an association (just nothing on it about who is responsible for maintenance). So even though it's not the law to disclose for vacant lots there's still an option on the forms to do so already. 

                            The Maine Alliance for Road Associations


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