Terms Used In Maine Revised Statutes > Title 33 > Chapter 7 > Subchapter 1-A - Residential Property Disclosures

• 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}
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• 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}
• Fraud: Intentional deception resulting in injury to another.
• Intestate: Dying without leaving a will.
• Known defect: means a condition, known by the seller, that has a significant adverse effect on the value of property, significantly impairs the health or safety of future occupants of the property or, if not repaired, removed or replaced, significantly shortens the expected normal life of the premises. See Maine Revised Statutes Title 33 Sec. 171
• 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 estate contract: means a contract for the transfer of ownership of residential real property by any of the ways described in section 172. See Maine Revised Statutes Title 33 Sec. 171
• 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
• Seller: means the owner of the residential real property that is for sale, exchange, sale under an installment contract or lease with an option to buy. 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.
• Statute: A law passed by a legislature.
• 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.