This form is an Authority to Release. The county clerk is authorized and requested to release from a deed of trust a parcel of land to the executor of the estate. The form must be signed in the presence of a notary public.
Maine Authority to Release of Deed of Trust
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Multi-State
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US-00186
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Word;
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How to fill out Authority To Release Of Deed Of Trust?
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FAQ
A Maine quitclaim deed without covenant passes to the new owner?with no covenants or warranty of title?whatever interest the person signing the deed (the grantor) has the power to transfer. If the grantor holds good, clear title, the new owner receives good, clear title.
Consideration is the ?what's in it for me? element of the deal. It is what each party gives the other party as part of the bargain. Consideration could be the payment of money, the discharge of debt, the performance of services, or anything else of value. Real estate may be transferred with or without consideration.
Nominal Consideration. A transaction is said to involve nominal consideration when the parties each make promises in the form of a bargain but neither party views their promise as the price they pay for the promise they receive.
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.
Nominal Consideration ? Most deeds recite nominal consideration (e.g., ?the sum of $10.00?). This keeps the actual consideration private and is common practice in most states. Gift ? If the property is a gift, there is no consideration.
Nominal Consideration?One bearing no relation to the real value of the contract. An example is a property which is deeded for $10.00.
Nominal consideration will suffice as good consideration for a contract, Courts will not measure the adequacy of the consideration as it is up to the parties to decide the subjective worth of each promise.
Maine Deed Form Maine Quitclaim Deed Form. Maine Quitclaim Deed With Covenant Form. Maine Warranty Deed Form. Maine Life Estate Deed Form. Maine Transfer on Death Deed Form.