Legal Question in Real Estate Law in Maine

Purchasing real estate from a trust

I am trying to purchase real estate from a trust. I am working with the lawyer who is acting as the trustee - owner recently deceased.

The trustee has recently had the property appraised and I want to know if the trustee has the latitude to sell the property for less than the appraised value? I know in some states the minimum sale price is limited to 2/3 of the appraised value. If one exists, what is the minimum in Maine?


Asked on 10/05/07, 5:16 pm

1 Answer from Attorneys
Jerome Gamache Ainsworth Thelin & Raftice, P.A.

Re: Purchasing real estate from a trust

In Maine there is no specific, statutory-type of limit. There terms of the trust likely do not specify either, although they could, and as an "outsider" to the Trust you do not have the right to demand at this point to review the Trust Language. The rule is reasonable to maximize for the Trustee to live up to his/her fiduciary duty when selling the property. Trust usually give the Trustee discretion.

If you need further assistance in consummating the purchase, please call me.

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Answered on 10/05/07, 5:25 pm


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