Terms Used In Maine Revised Statutes Title 33 Sec. 171

• Contract: A legal written agreement that becomes binding when signed.
• Known defect: means a condition, known by the seller, that has a significant adverse effect on the value of property, significantly impairs the health or safety of future occupants of the property or, if not repaired, removed or replaced, significantly shortens the expected normal life of the premises. See Maine Revised Statutes Title 33 Sec. 171
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Property disclosure statement: means a written disclosure form prepared by a seller pursuant to section 173. See Maine Revised Statutes Title 33 Sec. 171
• Purchaser: means a transferee in any of the types of transactions described in section 172. See Maine Revised Statutes Title 33 Sec. 171
• Real estate: includes lands and all tenements and hereditaments connected therewith, and all rights thereto and interests therein. See Maine Revised Statutes Title 1 Sec. 72
• Real estate contract: means a contract for the transfer of ownership of residential real property by any of the ways described in section 172. See Maine Revised Statutes Title 33 Sec. 171
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Residential real property: means real estate consisting of one or not more than 4 residential dwelling units. See Maine Revised Statutes Title 33 Sec. 171
• Seller: means the owner of the residential real property that is for sale, exchange, sale under an installment contract or lease with an option to buy. See Maine Revised Statutes Title 33 Sec. 171