Real Estate Practice in Maine
Maine practice is shaped by trust-account rules and the property disclosures expected in a residential sale. This chapter covers handling client money and Maine's seller disclosure obligations.
Trust Accounts and Earnest Money
Client funds such as earnest money must be handled through the agency's trust (escrow) account, for which the designated broker is responsible. A sales agent who receives funds must deliver them promptly to the agency, and trust money must be kept separate from personal and business funds. Commingling or converting trust money is a serious Maine license-law violation.
Seller Property Disclosure
Maine generally requires a seller of residential property to give the buyer a property disclosure statement describing known information about items such as the water supply, waste disposal system, heating systems, and any known hazardous materials. Licensees must not help conceal known defects and should encourage complete, honest disclosure to protect both the consumer and the licensee.
Advertising and Supervision
Advertising must be truthful and must properly identify the agency so consumers are not misled about who is offering the property. The designated broker is responsible for the advertising and conduct of affiliated licensees. Following the license law, agency rules, and disclosure requirements is an ongoing condition of practice in Maine.