Maine § 32 §6194 Contract requirements

Maine Statutes

§ 32 §6194 — Contract requirements

Maine·Title 32 PROFESSIONS AND OCCUPATIONS·Ch. 80-B FORECLOSURE PURCHASERS

1.Written contract required. A foreclosure purchaser shall enter into a foreclosure reconveyance in the form of a written contract. The contract must be written in at least 12-point boldface type in the same language principally used by the foreclosure purchaser and foreclosed homeowner to negotiate the sale of the residence in foreclosure and must be fully completed and signed and dated by the foreclosed homeowner and foreclosure purchaser before the execution of any instrument of conveyance of the residence in foreclosure.

2.Contract terms. A contract required by this section must contain the entire agreement of the parties and must include:

3.Effect of contract. The contract required by this section survives delivery of any instrument of conveyance of the residence in foreclosure and

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1.
Written contract required.
A foreclosure purchaser shall enter into a foreclosure reconveyance in the form of a written contract. The contract must be written in at least 12-point boldface type in the same language principally used by the foreclosure purchaser and foreclosed homeowner to negotiate the sale of the residence in foreclosure and must be fully completed and signed and dated by the foreclosed homeowner and foreclosure purchaser before the execution of any instrument of conveyance of the residence in foreclosure.
2.
Contract terms.
A contract required by this section must contain the entire agreement of the parties and must include:
3.
Effect of contract.
The contract required by this section survives delivery of any instrument of conveyance of the residence in foreclosure and has no effect on persons other than the parties to the contract.
4.
Advance disclosure of contract.
The contract required by this section must be given to the foreclosed homeowner at least 3 business days prior to the consummation of the foreclosure reconveyance.
5.
Filing with register of deeds.
The foreclosure purchaser shall file a memorandum of the contract required by this section with the register of deeds in the county in which the residence in foreclosure is located.

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