Maine § 14 §6203-H Option contract for purchase of real property or rent-to-own real property

Maine Statutes

§ 14 §6203-H — Option contract for purchase of real property or rent-to-own real property

Maine·Title 14 COURT PROCEDURE -- CIVIL·Part 7 PARTICULAR PROCEEDINGS·Ch. 713 MISCELLANEOUS PROVISIONS RELATING TO FORECLOSURE OF REAL PROPERTY MORTGAGES

1.Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings.

2.Requirements. An option contract for the purchase of real property or rent-to-own real property must:

3.Recordation. Within 20 days after the option contract for the purchase of real property or rent-to-own real property has been signed by both the vendor and the purchaser, the vendor shall cause a copy of the option contract for the purchase of real property or rent-to-own real property or a memorandum of the option contract for the purchase of real property or rent-to-own real property to be recorded at the purchaser's expense in the registry of deeds in the county where the real property sold under the option contract for the purchase of real property or

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1.
Definitions.
As used in this section, unless the context otherwise indicates, the following terms have the following meanings.
2.
Requirements.
An option contract for the purchase of real property or rent-to-own real property must:
3.
Recordation.
Within 20 days after the option contract for the purchase of real property or rent-to-own real property has been signed by both the vendor and the purchaser, the vendor shall cause a copy of the option contract for the purchase of real property or rent-to-own real property or a memorandum of the option contract for the purchase of real property or rent-to-own real property to be recorded at the purchaser's expense in the registry of deeds in the county where the real property sold under the option contract for the purchase of real property or rent-to-own real property is located. If a memorandum of the option contract for the purchase of real property or rent-to-own real property is recorded, it must be entitled "Memorandum of a Land Installment Contract" and must at a minimum contain the names of the parties, the signatures of the parties, a description of the real property and the applicable time periods. A person other than a vendor and purchaser may rely on the recorded materials in determining whether the requirements of this subsection have been met.
4.
Termination.
The following provisions govern the termination of an option contract for the purchase of real property or rent-to-own real property.
5.
Violations.
A violation of this section is a violation of the Maine Unfair Trade Practices Act. In addition to any other rights and remedies a purchaser may have in the law, upon a finding that a violation of this section by a vendor has occurred, a court shall find one or more of the following:

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