Maine Assignment in Lieu of Prior Assignment to Correctly State Amount of Interest Assigned
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FAQ
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.
MAINE'S PATH OF LEGISLATION, SIMPLIFIED The legislator gives the bill to the Clerk of the House or Secretary of the Senate. The bill is numbered, a suggested committee recommendation is made and the bill is printed. The bill is placed on the respective body's calendar.
Both real (land and buildings) and personal property (tangible goods) are subject to taxation, unless they are exempted by law or subject to another form of taxation, such as the excise tax for motor vehicles and boats.
A bill becomes law 90 days after the end of the legislative session in which it was passed. A bill can become law immediately if the Legislature, by a 2/3 vote of each chamber, declares that an emergency exists. An emergency law takes effect on the date the Governor signs it unless otherwise specified in its text.
Any bill that deals with revenue always begins in the House of Representatives.
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.
A bill becomes law if signed by the President or if not signed within 10 days and Congress is in session. If Congress adjourns before the 10 days and the President has not signed the bill then it does not become law ("Pocket Veto.")
After a measure passes in the House, it goes to the Senate for consideration. This includes consideration by a Senate committee or subcommittee, similar to the path of a bill in the House. A bill must pass both bodies in the same form before it can be presented to the President for signature into law.
