Fill Out Legal Maine Contract For Deed Forms For Free

The person who is selling or conveying the land is called the grantor and the person who is acquiring or purchasing the land is called a grantee. 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.

You can find the legal description on the title or deed, or you can obtain it from the property tax office. Include each party's full legal name and contact information. Specify the state laws that apply if the buyer and seller live in different jurisdictions. Outline a payment schedule and how payments are to be made.

If a former owner had the property surveyed, we will show you how to use the plan index to locate it. How do I change a name on my deed? 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.

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.

§§ 4641-4641-N. The transfer tax is collected on the following two transactions. The rate of tax is $2.20 for each $500 or fractional part of $500 of the value of the property being transferred. The tax is imposed ½ on the grantor, ½ on the grantee.

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.