Maine Revised Statutes Title 33 Sec. 172 – Applicability; exemptions
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This subchapter applies to the transfer of any interest in residential real property, whether by sale, exchange, installment land contract, lease with an option to purchase or any other option to purchase. If a person licensed to practice real estate brokerage is involved in the transaction, the licensee is subject to the requirements of licensure in Title 32, chapter 114. The following transfers are exempt from this subchapter: [PL 2005, c. 378, §24 (AMD); PL 2005, c. 378, §29 (AFF).]
1. Court order. Transfers pursuant to court order, including, but not limited to, transfers ordered by a court in the administration of an estate, transfers pursuant to a writ of execution, transfers by any foreclosure sale, transfers by a trustee in bankruptcy, transfers by eminent domain and transfers resulting from a decree for specific performance;
[PL 1999, c. 476, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 33 Sec. 172
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Decedent: A deceased person.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Fiduciary: A trustee, executor, or administrator.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Intestate: Dying without leaving a will.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property disclosure statement: means a written disclosure form prepared by a seller pursuant to section 173. See Maine Revised Statutes Title 33 Sec. 171
- Purchaser: means a transferee in any of the types of transactions described in section 172. See Maine Revised Statutes Title 33 Sec. 171
- Real estate: includes lands and all tenements and hereditaments connected therewith, and all rights thereto and interests therein. See Maine Revised Statutes Title 1 Sec. 72
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Residential real property: means real estate consisting of one or not more than 4 residential dwelling units. See Maine Revised Statutes Title 33 Sec. 171
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Testate: To die leaving a will.
- Trustee: A person or institution holding and administering property in trust.
- Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
- Writ: A formal written command, issued from the court, requiring the performance of a specific act.
2. Default. Transfers to a mortgagee by a mortgagor or successor in interest who is in default or transfers to a beneficiary of a deed of trust by a trustor or successor in interest who is in default;
[PL 1999, c. 476, §1 (NEW).]
3. Power of sale. Transfers by a sale under a power of sale or any foreclosure sale under a decree of foreclosure after default in an obligation secured by a mortgage or deed of trust or secured by any other instrument containing a power of sale, or transfers by a mortgagee or a beneficiary under a deed of trust who has acquired the residential real property at a sale conducted pursuant to a power of sale under a mortgage or deed of trust or a sale pursuant to a decree of foreclosure or who has acquired the residential real property by a deed in lieu of foreclosure;
[PL 1999, c. 476, §1 (NEW).]
4. Fiduciary. Transfers by a fiduciary in the course of administration of a decedent‘s estate, guardianship, conservatorship or trust;
[PL 1999, c. 476, §1 (NEW).]
5. Coowner. Transfers from one or more coowners solely to one or more other coowners;
[PL 1999, c. 476, §1 (NEW).]
6. Testate; intestate succession. Transfers pursuant to testate or intestate succession;
[PL 1999, c. 476, §1 (NEW).]
7. Consanguinity. Transfers made to a spouse or to a person or persons in the lineal line of consanguinity of one or more of the owners;
[PL 1999, c. 476, §1 (NEW).]
8. Divorce. Transfers between spouses resulting from a judgment of divorce or a judgment of separate maintenance or from a property settlement agreement incidental to such a judgment;
[PL 1999, c. 476, §1 (NEW).]
9. Government. Transfers or exchanges to or from any governmental entity;
[PL 1999, c. 476, §1 (NEW).]
10. Relocation. Transfers from an entity that has taken title to a residential real property to assist the prior owner in relocating, as long as the entity makes available to the purchaser a copy of the property disclosure statement furnished to the entity by the prior owner;
[PL 1999, c. 476, §1 (NEW).]
11. Living trust. Transfers to a living trust; and
[PL 1999, c. 476, §1 (NEW).]
12. Corrective deed. Transfers that, without additional consideration and without changing ownership or ownership interest, confirm, correct, modify or supplement a deed previously recorded.
[PL 1999, c. 476, §1 (NEW).]
SECTION HISTORY
PL 1999, c. 476, §1 (NEW). PL 2005, c. 378, §24 (AMD). PL 2005, c. 378, §29 (AFF).