Maine Revised Statutes Title 33 Sec. 481 – Definitions
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As used in this chapter, unless the context indicates otherwise, the following terms have the following meanings. [PL 1983, c. 368 (NEW).]
1. Down payment. “Down payment” means the payment made by the purchaser to the vendor on account of the purchase price at or before the time of the execution of a land installment contract.
[PL 1983, c. 368 (NEW).]
Terms Used In Maine Revised Statutes Title 33 Sec. 481
- Contract: A legal written agreement that becomes binding when signed.
- Down payment: means the payment made by the purchaser to the vendor on account of the purchase price at or before the time of the execution of a land installment contract. See Maine Revised Statutes Title 33 Sec. 481
- Land installment contract: means an agreement under which the vendor agrees to sell an interest in property to the purchaser and the purchaser agrees to pay the purchase price in 5 or more subsequent payments exclusive of the down payment, if any, and the vendor retains title to the property as security for the purchaser's obligation under the agreement. See Maine Revised Statutes Title 33 Sec. 481
- 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: means improved real property located in this State, sold to be occupied as a dwelling. See Maine Revised Statutes Title 33 Sec. 481
- Purchaser: means an individual who purchases property subject to a land installment contract, or any legal successor in interest to him, regardless of whether the individual has entered into an agreement as to extension, default or refund. See Maine Revised Statutes Title 33 Sec. 481
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Vendor: means a person who makes a sale of property by means of a land installment contract or his successor in interest. See Maine Revised Statutes Title 33 Sec. 481
2. Land installment contract. “Land installment contract” means an agreement under which the vendor agrees to sell an interest in property to the purchaser and the purchaser agrees to pay the purchase price in 5 or more subsequent payments exclusive of the down payment, if any, and the vendor retains title to the property as security for the purchaser’s obligation under the agreement. Land installment contracts do not include option contracts for the purchase of real property or purchase and sale agreements entered into with the good faith expectation of a separate transaction in which a 3rd party or the seller agrees to finance the purchase price in a single installment.
[PL 1983, c. 368 (NEW).]
3. Property. “Property” means improved real property located in this State, sold to be occupied as a dwelling.
[PL 1983, c. 368 (NEW).]
4. Purchaser. “Purchaser” means an individual who purchases property subject to a land installment contract, or any legal successor in interest to him, regardless of whether the individual has entered into an agreement as to extension, default or refund.
[PL 1983, c. 368 (NEW).]
5. Vendor. “Vendor” means a person who makes a sale of property by means of a land installment contract or his successor in interest.
[PL 1983, c. 368 (NEW).]
SECTION HISTORY
PL 1983, c. 368 (NEW).