You have been searching on the internet on numerous websites and perused dozens of catalogs, newspaper and trade journals with land for sale in Maine. You have your plans for building your new home, getaway cabin or developing your Maine recreational site. You narrowed the search of parcels, made a trip to your favorite part of the pine tree state and found your perfect spot. Now what?
Assuming you have done your homework, understand the local property values, have arranged appropriate financing or better yet, saved the necessary cash, it is time to write an offer. Most good real estate contracts or purchase and sale agreements have a due diligence clause that you can fill in items of concern.
The following is a list of our top 5 due diligence items. There could be other issues depending on your intended use such as building permits, soil testing, environmental assessments and more.
1. Survey - This is an item that is often overlooked but is one of the most important issues when purchasing Maine land. Questions answered will be where the boundaries are located, what is the true acreage, are there any encroachments and easements to name a few.
2. Title - I thorough title exam is just as important as the survey. Does the owner of the Maine land have merchantable or at least insurable title? Have a good Maine real estate title attorney do the research and provide you with an opinion and title insurance policy.
3. Access - Does the property front on a maintained state, county or town road? If yes access may not be an issue, or is it? Check the status of the road. Is it still maintained by the municipality? If it has been abandoned by the town there could be issues. If a private right of way, how well is it described? Be sure to add this item to the title search to be sure the access can be insured.
4. Entrance Permits - If the property fronts on a State of Maine maintained road or a road that receives state assistance, a driveway entrance permit is required. This permit requires ample line of site distance for entry onto the road. The distance is dependent on the speed limit. Be sure to add this to your list of due diligence when investing in Maine land. Maine's Department of Transportation handles this and there is no charge for the permit.
5. Taxes - Check with the Maine town that the land for sale is located in (or the State Bureau of Taxation if located in Maine Unorganized Territory) to see if the taxes are paid and if the property is enrolled in the tree growth tax program. If you hired a title attorney they will usually take care of this. Knowing the status of the taxes will help you better understand all potential future expenses such as change of use penalties and forest management plans.
If you have not yet found that special property in Maine, check out the many fine properties on this web site.