| | | Be it enacted by the People of the State of Maine as follows: |
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| | | Sec. 1. 33 MRSA c. 7, sub-c. I-A is enacted to read: |
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| | | RESIDENTIAL PROPERTY DISCLOSURES |
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| | | As used in this subchapter, unless the context otherwise | | indicates, the following terms have the following meanings. |
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| | | 1.__Material defect.__"Material defect" means a condition 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 or adversely affects the expected normal | | life of the premises. |
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| | | 2.__Owner.__"Owner" 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. |
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| | | 3.__Property disclosure statement.__"Property disclosure | | statement" means a written disclosure form prepared by an owner | | pursuant to section 173. |
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| | | 4.__Purchaser.__"Purchaser" means a transferee in any of the | | types of transactions described in section 172. |
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| | | 5.__Real estate contract.__"Real estate contract" means a | | contract for the transfer of ownership of residential real | | property by any of the ways described in section 172. |
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| | | 6.__Residential real property.__"Residential real property" | | means real estate consisting of one or not more than 4 | | residential dwelling units. |
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| | | §172.__Applicability; exemptions |
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| | | This subchapter applies to the transfer of any interest in | | residential real property, whether by sale, exchange, installment | | land contract, lease with an option to purchase or any other | | option to purchase, whether or not the transaction is with the | | assistance of a person licensed to practice real estate | | brokerage.__The following transfers are exempt from this | | subchapter: |
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