Maine Revised Statutes > Title 33 > Chapter 8 – Land Installment Contracts
Current as of: 2023 | Check for updates
|
Other versions
| § 481 | Definitions |
| § 482 | Minimum contents of land installment contracts; recordation |
| § 483 | Prohibited acts |
Terms Used In Maine Revised Statutes > Title 33 > Chapter 8 - Land Installment Contracts
- Arrest: Taking physical custody of a person by lawful authority.
- Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
- Bonds: means any bonds, including refunding bonds, notes, interim certificates, debentures or other obligations under this chapter. See Maine Revised Statutes Title 30-A Sec. 5101
- Conviction: A judgement of guilt against a criminal defendant.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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
- Federal Government: means the United States of America or any agency or instrumentality, corporate or otherwise, of the United States of America. See Maine Revised Statutes Title 30-A Sec. 2001
- 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
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- 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
- 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.
- Municipality: means a city or town, except as provided in chapter 225. See Maine Revised Statutes Title 30-A Sec. 2001
- 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.
- Obligee: means :
A. See Maine Revised Statutes Title 30-A Sec. 5101Offender: means an individual or an organization convicted of a crime. See Maine Revised Statutes Title 17-A Sec. 2002 Person: means an individual, corporation, partnership, firm, organization or other legal entity. See Maine Revised Statutes Title 30-A Sec. 2001 Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed. 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 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. Redeveloper: means any person that enters or proposes to enter into a redevelopment contract. See Maine Revised Statutes Title 30-A Sec. 5101 renewal project: means the undertakings and activities of the authority in an urban renewal area for the elimination and prevention of the development or spread of slums and blight. See Maine Revised Statutes Title 30-A Sec. 5101 Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Restitution: means :
A. See Maine Revised Statutes Title 17-A Sec. 2002Vendor: 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