Property Ownership
Under Maine law, for a deed to be valid and recordable, it must contain:
AA legal description, consideration amount, and notarization
BThe grantor's signature, a legal description, and proper acknowledgment✓ Correct
CSignatures of both grantor and grantee
DThe purchase price and mortgage amount
Explanation
To be valid and recordable in Maine, a deed must have the grantor's signature, an adequate legal description of the property, and a proper acknowledgment (notarization) before a notary public or justice of the peace.
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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).
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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