Several times clients that are purchasing real estate have asked, “Do I really need to give a deposit?” The parties say “This is a friendly transaction, is it really necessary to give the seller a deposit when entering into a purchase and sale agreement? There are actually several good reasons for requiring a deposit with a purchase and sale agreement. A Purchase and Sale Agreement is a contract for the sale of land. In order to have a valid contract the law requires that there be an offer made, an acceptance and consideration for the contract. In a real estate transaction, the offer is made by the Buyer when wanting to purchase the property at a set price. Acceptance occurs when the Seller accepts the Buyer’s offer by agreeing to sell the property at the set price. The consideration of the contract then comes from both parties. The Seller’s consideration is the agreement to not sell the property to someone else during the term of the purchase and sale agreement. The consideration from the Buyer is the deposit. …Read More
Rudman Winchell is a full service law firm serving the people, businesses and communities of Maine. With our vast legal resources and more than two dozen attorneys located in Bangor, we become a true strategic partner with the clients we serve.
Rudman • Winchell's Practice Groups
Individual • Family
Rudman Winchell attorneys provide expert guidance and on matters involving all aspects of Maine individual and family law including Divorce, Probate, Elder Law, Wills and Estate Planning.
Business • Corporate
Rudman Winchell business attorneys regularly represent clients in all aspects of business and corporate law.
Litigation • Trials
Rudman Winchell’s trial lawyers have extensive experience in both federal and state courts in a vast array of civil matters as well as criminal defense.
Municipal • Government Law
Rudman Winchell represents clients' interests in administrative and enforcement proceedings before government agencies and boards, including appeals.
Insurance • Workers Compensation
Rudman Winchell’s insurance law attorneys offer specialized representation to insurance companies and their insureds.
Real Estate • Property
Rudman Winchell has a broad Maine based real estate practice. Our real estate attorneys provide representation of banks and other lending institutions
Employment • Labor Law
Rudman Winchell’s experienced Employment and Labor attorneys advise clients on preventive strategies and positive solutions in Maine labor and workplace law.
Timberlands • Natural Resources
Rudman Winchell is located in the heart of Maine's industrial timberlands, and is a trusted partner of the timber industry and other natural resource based enterprises.
Healthcare • Hospitals
Rudman Winchell provides a comprehensive array of legal services to clients in the health care industry, throughout the state of Maine.
FROM THE ATTORNEY'S BLOG
More News & Events
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- Anne-Marie Storey to be part of Maine Biz Women’s Forum
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- Court’s decision in Beal v. Town of Stockton Springs, 2017 ME