To release a "Memorandum of a Land Installment Contract" recorded under Maine Statute 482, the process typically involves the following steps:
1. Completion of the Contract or Termination:
The memorandum can be released once the underlying land installment contract has been fully performed (i.e., the purchaser has paid off the full purchase price) or if the contract is terminated for some reason (e.g., mutual agreement, breach, or default).

2. Prepare a Release Document:
A release document should be drafted, often titled "Release of Memorandum of Land Installment Contract." This document should include:
Reference to the original recorded memorandum, including the date of recording, document number, or book and page number where the memorandum was recorded.
A statement that the underlying land installment contract has been fulfilled, satisfied, or terminated.
A description of the property that was the subject of the land installment contract.
The names of the vendor and purchaser, consistent with the original memorandum.
Signatures of the vendor (and purchaser if applicable) acknowledging the release.

3. Signatures and Notarization:
The release should be signed by the party(ies) authorized to release the memorandum—typically the vendor and, in some cases, the purchaser.
The signatures must be notarized to verify their authenticity.

4. Record the Release:
The signed and notarized release must be recorded in the same registry of deeds where the original memorandum was recorded. This ensures that the public record reflects that the land installment contract has been discharged or released.

For use in Maine only.

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