Maine Notice of Assignment of Contract for Deed

The buyer should record the contract for deed with the county recorder where the land is located and does so normally within four months after the contract is signed, though the time may vary depending on state law.

To be able to record the deed, it must be accompanied by a transfer tax form and payment of transfer tax. Transfer tax rate in Maine is $2.20 per $500 or fractional part of $500 of the value of the property being transferred. Further, transfer tax is imposed 50/50 on both the grantor and grantee.

A properly recorded deed provides constructive notice of its contents, which means that all parties concerned are considered to have notice of the deed whether or not they actually saw it.

Generally, contract for deed sellers use IRS Form 6252 to report installment sales in the year in which they take place. You also use Form 6252 during each year you receive income from your contract for deed.

Retrieve your original deed. Get the appropriate deed form. Draft the deed. Sign the deed before a notary. Record the deed with the county recorder. Obtain the new original deed.

The buyer must record the contract for deed with the county recorder where the land is located within four months after the contract is signed. Contracts for deed must provide the legal name of the buyer and the buyer's address.

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.

In the first instance, if your deed is not recorded, there is nothing in the public record to stop the seller from conveying the property to another person.The second situation could happen if your seller fails to pay his or her debts and the seller's creditors file liens or judgments against your property.

Purchase price. Down payment. Interest rate. Number of monthly installments. Responsibilities of the buyer and seller. Legal remedies for the seller if the buyer does not make payments.