Property Ownership
Maine recognizes which type of deed most commonly used to transfer property without any warranties?
AGeneral warranty deed
BSpecial warranty deed
CQuitclaim deed✓ Correct
DTrustee's deed
Explanation
A quitclaim deed transfers whatever interest the grantor has in the property without any warranties of title. It is commonly used in Maine for transfers between family members, to clear title defects, or in estate situations.
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Related Maine Questions
- The most commonly used deed type in Maine residential transactions is:Property Ownership
- In Maine, a 'quitclaim deed' is commonly used in which of the following situations?Escrow & Title
- In Maine, a deed is legally effective to transfer title when it is:Escrow & Title
- In Maine, the document used to transfer title to real property from one person to another is called a:Escrow & Title
- A Maine title search reveals that a prior owner used a 'wild deed' to convey title. A wild deed is:Escrow & Title
- A Maine property is subject to a mortgage that has a due-on-sale clause. If the seller transfers title without paying off the mortgage, the lender may:Finance
- In Maine, which form of co-ownership requires all four unities — time, title, interest, and possession — to be created simultaneously?Property Ownership
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
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