Maine Sample Letter for Revised Quitclaim Deed
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How to fill out Sample Letter For Revised Quitclaim Deed?
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FAQ
Recording ? Like all deeds in Maine, this deed must be acknowledged by a notary and filed with the Registry of Deeds in the County in which the property is located. Real Estate Transfer Tax (§ 4641) ? Must be filed with an accompany deed and can be completed Online or with the Printable Form.
Three of the most popular deed forms for transferring real estate during the owner's life are warranty deeds, quitclaim deeds with covenant, and quitclaim deeds without covenant. The principal distinction between the three forms is the warranty of title each offers.
A quitclaim deed without covenant, by definition, has no express warranty or language giving rise to implied covenants of title. The new owner bears all risk of problems with the property's title and cannot sue for breach of warranty if title problems arise.
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.
The names and addresses of the grantor and grantee with original signatures and notarized (with an acknowledgment statement) The names of all signers must be printed beneath their signature line. The notary and attorney name must be printed beneath their signature line. A legal description of the property.
Maine Revised Statutes Title 36, Chapter 711-A: This tax depends on the value of the property being transferred, assessing a rate of $2.20 for each $500 of the property's value.
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.
