Recording a memorandum of a land installment contract in Maine is crucial for several key reasons:

1. Public Notice: Recording the contract or memorandum in the registry of deeds ensures that the transaction becomes a matter of public record. This allows third parties, such as future buyers, creditors, or title searchers, to be aware of the ongoing sale and any claims to the property. It provides transparency regarding ownership rights and the terms of the land installment contract.

2. Priority of Claims: By recording the contract or memorandum within 20 days, it establishes the purchaser's interest in the property ahead of any subsequent claims, liens, or encumbrances. This helps protect the buyer's interest in the property and ensures that any subsequent parties, such as future creditors or buyers, are aware of the purchaser's rights under the contract.

3. Enforceability: In real estate transactions, many agreements, including land installment contracts, may be unenforceable against third parties if they are not recorded. Recording the memorandum makes the contract legally enforceable against third parties who might otherwise have no knowledge of the transaction.

4. Legal Clarity: The memorandum of the land installment contract provides essential information such as the names of the vendor and purchaser, a description of the property, and applicable time periods. This ensures that anyone relying on the public record (such as title companies or lenders) has the necessary details to assess the transaction's validity and terms.

5. Protecting the Purchaser: The requirement that the contract or memorandum be recorded within 20 days is in place to protect the purchaser from any potential disputes over ownership or contract terms. If the memorandum is not recorded in time, the purchaser could be at risk if other claims or liens arise against the property.

6. Compliance with Maine Law: Failing to record the contract or memorandum could result in non-compliance with Maine law (as per [PL 1983, c. 368]), which could lead to legal complications, such as the invalidation of the contract or disputes about ownership rights. Complying with this recording requirement ensures that both parties meet the legal obligations outlined in the contract.

In short, recording the memorandum of a land installment contract is a protective and legal requirement in Maine that secures the rights of the purchaser and provides clarity and notice to third parties.

§482. Minimum contents of land installment contracts; recordation- §482(2.) Recordation. Within 20 days after the contract has been signed by both the vendor and the purchaser, the vendor shall cause a copy of the contract or a memorandum of the contract to be recorded at the purchaser's expense in the registry of deeds in the county where the property sold under the contract is located. If a memorandum of the contract is recorded, it shall be entitled "Memorandum of a Land Installment Contract" and shall contain, as a minimum, the names of the parties, the signatures of the parties, a description of the property and 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.

How to Use This Form

Select your county from the list above
Download the county-specific form
Fill in the required information
Have the document notarized if required
Record with your county recorder's office

What Others Like You Are Saying

— Deabra A.

"Your Quitdeed form was easy to understand with the guidelines provided and an example of an already …"

— ronnie y.

"well worth the money thank you"

— Barbara M.

"Easy to do."

— Valarie H.

"Thank you for offering this service. We were getting several different answers on how to solve our p…"

— Ellen d.

"Wonderful tool to have available on line!"

Common Uses for Memorandum of a Land Installment Contract

Formalize an existing informal land purchase agreement
Document the terms of a private real estate sale between buyer and seller
Sell property with seller financing instead of a traditional mortgage
Release the seller's interest in a property after the buyer pays in full
Clear title after a contract for deed has been fulfilled
Assign a land contract to a new investor or purchaser

Compare other Maine deed forms and documents

Quitclaim Deed Quitclaim Deed with Covenants Gift Deed Warranty Deed Grant Deed Correction Deed Easement Deed Termination of Easement Trustee Deed Personal Representative Deed of Distribution Testate Personal Representative Deed of Distribution Intestate Personal Representative Deed of Sale Testate Personal Representative Deed of Sale Intestate Mortgage Instrument and Promissory Note Discharge of Mortgage Land Installment Contract Full Release of Memorandum of a Land Installment Contract General Durable Power of Attorney Durable Limited Real Estate Power of Attorney (Sale) Durable Limited Real Estate Power of Attorney (Purchase) Notice of Furnishing Notice to Owner Notice of Mechanic Lien Release of Mechanic Lien Conditional Lien Waiver on Progress Payment Unconditional Lien Waiver on Progress Payment Conditional Lien Waiver on Final Payment Unconditional Lien Waiver on Final Payment Transfer of Death Deed Transfer on Death Deed Revocation Notice of Death Affidavit Disclaimer of Property Interest Certificate of Trust

Important: County-Specific Forms

Our memorandum of a land installment contract forms are specifically formatted for each county in Maine.

After selecting your county, you'll receive forms that meet all local recording requirements, ensuring your documents will be accepted without delays or rejection fees.

Back to Maine Forms