Free Maine Residential Purchase Agreement Template

A Maine residential purchase agreement is the contract that commits a buyer and seller to a home’s price, conditions, and closing date. Maine’s transfer tax lands on both sides of the deal, so the agreed price affects buyer and seller alike.

Maine taxes each deed that transfers real property in the state. Build the cost into your Maine residential purchase agreement early.

The Base Rate

The tax is $2.20 for each $500, or fractional part of $500, of the value of the property transferred (36 M.R.S. § 4641-A). On a $400,000 home, that’s $1,760 in total.

Maine Revenue Services defines value as the actual consideration paid for the property. When that can’t be determined, market value is used instead.

Higher-Value Homes

Maine Revenue Services explains an additional tier for pricier properties. Once value exceeds $1 million, an extra $3.80 applies to each $500 above that mark. The additional rate also appears in the statute’s current text.

The Declaration of Value

Each deed transfer needs a Real Estate Transfer Tax Declaration. You file it with the county Registry of Deeds when you record the deed. The registry computes and collects the tax based on the declaration. Among other details, the declaration identifies the tax map and parcel number (36 M.R.S. § 4641-D).

Rates can change, so confirm the current figures with Maine Revenue Services before closing.

Both sides, equally. Maine law imposes half of the tax on the grantor, the seller, and half on the grantee, the buyer (36 M.R.S. § 4641-A).

Using the example above, each party would owe $880 on a $400,000 sale. Because the split comes from the statute, write each party’s share into the agreement as the law sets it.

Maine closings generally follow this order.

1. Commit in writing. Buyer and seller execute the Maine residential purchase agreement.
2. Line up the deed. Your closing agent prepares it for signing.
3. Complete the declaration. Fill in the Real Estate Transfer Tax Declaration, including the tax map and parcel number.
4. Record at the Registry of Deeds. File the deed and declaration together.
5. Settle the transfer tax. The registry collects it, half from each side.

List these in the contract:

• Legal names of all buyers and sellers
• Address, tax map, and parcel number of the home
• Agreed price, earnest money, and loan details
• Each party’s half of the transfer tax
• Inspection contingencies and deadlines
• Closing date and possession