Define Fillable Fields In Legal Maine Contract For Deed Forms For Free

A tax of $2.20 per $500 in value (rounded up) imposed upon the sale, granting or transfer of real estate and any interest therein. The transfer tax is equally divided between the buyer and the seller, unless exempt pursuant to Title 36, §4641-C.

The fee for recording a document is $22 for the first page -this includes a $3 surcharge (Maine Government & municipalities are exempt from surcharge, so the first page is $19) and $2 for each additional page.

Deeds must have the name of the grantor and grantee as well as consideration paid for the property. In addition, a legal description of the property is required. A notary or an officer of the court, such as an attorney or court clerk, must sign an acknowledgment before the deed may be filed with the registry of deeds.

A major drawback of a contract for deed for buyers is that the seller retains the legal title to the property until the payment plan is completed. On one hand, this means that they're responsible for things like property taxes. On the other hand, the buyer lacks security and rights to their home.

The only way to add or remove a name on a deed is to have a new deed recorded. Once a document is recorded, it cannot be altered. In order to protect your legal interests, we strongly suggest that you contact an attorney to have this done for you.

The following should be in a contract for deed: Purchase price. Interest rate. Down payment. Number of monthly installments. Buyer and seller information. Party responsibilities. Legal remedies in the event of default.