Property Ownership
The most commonly used deed type in Maine residential transactions is:
AGeneral warranty deed
BSpecial warranty deed
CQuitclaim deed✓ Correct
DBargain and sale deed
Explanation
Quitclaim deeds are the most commonly used deed type in Maine residential real estate transactions, conveying whatever interest the grantor has without warranties.
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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).
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
Math Concepts
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