Frequently Asked Questions
Let's make sure you get all your land buying questions answered.
The Maine Land Store
Land Purchase FAQs
What’s the minimum down payment?
We require a minimum down payment of 10% of the sale price if it is raw land. If the property has improvements such as structures, a larger down payment will be required.
What are the owner financing terms?
With our owner financing we are looking for at least 10% down, and then from there we can set you up with monthly payments to pay off the remaining balance. There are no pre-payment penalties. We would have you fill out our owner financing application, and then from there if approved we could set the definite terms of the agreement.
How do I qualify for owner financing?
There is a qualification process for our owner financing. The first step is to fill out our owner finance application. The application asks for information such as contact information, source of income, references, financial obligations, your budget, etc. Approval is based on financial capabilities and history, property price, responsibility, character, etc.
Can I have a co-applicant for income consideration?
Yes, they would need to fill out the same owner financing application.
If I bring in extra money randomly, will that go straight towards the principal?
As long as your payments and interest are caught up-to-date, any extra will go towards the principal.
What kind of closing fees or other charges are involved?
With owner financing closing costs can start as low as $925 depending on real estate tax proration and if you want title search and insurance.
If a property is in tree growth, what does that mean?
When a property is in the Tree Growth Tax Program, it means it is taxed at a lower rate for being a timber growing property. If you decide to build on a property that is in the Tree Growth program, you will need to contact the town office to have one acre or more removed from the tree growth program for building purposes. There will be a fee for taking any acreage out of tree growth. Taxes will be higher after acreage is taken out. Within a year after you take ownership, you will need to update the forest management plan and have it put into your name. We have a forester on staff who can assist you with that as needed.
Here are a couple links that provide more information on Maine’s tree growth tax law program:
Has the lot been soil tested?
Most lots have been soil tested, but not all. It is recommended to ask when the soil testing was done. In any event a new land owner is required to have a new soil test done in his or her name when planning to build.
What should I know about soils when picking and developing a property?
Soils are a very important feature of a property. The first thing to determine is whether there are soils that will pass for a leach field installation? If so, where are they and what kind of leach field will be required. A soil scientist who is licensed for designing septic systems is needed to determine this. Even an outhouse and a grey water system require passing soils and a design. Most of our lots have been tested to determine if and where the passing soils are. The type of leach field required is not determined until the designer knows what the property use will be including factors such as how many bedrooms, how many baths, etc.
How close to the shoreline can you build?
It all depends on whether it is a lake, stream, brook, river, or pond.
Who can do the site work for us when we get ready to build?
We have our own road and site crew at Treeline who can do land clearing, driveways, house and camp building pads, stream crossings, septic systems, trail and pond creation, gates, etc. If there is site work that we can’t do, we can recommend some great local contractors who may be able to help you out! Give us a call at 207-794-2044 x 204 for more information.
Financing
Owner Financing Terms
Most of our properties offer owner financing to qualified buyers who are US citizens and US residents. Approval is based on financial capabilities and history, property price, responsibility, character, etc.
Testimonials
What Our Clients are Saying
Local Info & Resources
What the Area Has to Offer
While Lincoln, Maine has a small town feel, it has all the amenities that you will ever need! From restaurants to grocery stores to the hospital to car shops to the quaint family business to the farmer's market, it is all here!