Terms Used In Maine Revised Statutes > Title 33 > Chapter 8 - Land Installment Contracts

• Arrest: Taking physical custody of a person by lawful authority.
• Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
• Bonds: means any bonds, including refunding bonds, notes, interim certificates, debentures or other obligations under this chapter. See Maine Revised Statutes Title 30-A Sec. 5101
• Conviction: A judgement of guilt against a criminal defendant.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Down payment: means the payment made by the purchaser to the vendor on account of the purchase price at or before the time of the execution of a land installment contract. See Maine Revised Statutes Title 33 Sec. 481
• Federal Government: means the United States of America or any agency or instrumentality, corporate or otherwise, of the United States of America. See Maine Revised Statutes Title 30-A Sec. 2001
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Land installment contract: means an agreement under which the vendor agrees to sell an interest in property to the purchaser and the purchaser agrees to pay the purchase price in 5 or more subsequent payments exclusive of the down payment, if any, and the vendor retains title to the property as security for the purchaser's obligation under the agreement. See Maine Revised Statutes Title 33 Sec. 481
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Municipality: means a city or town, except as provided in chapter 225. See Maine Revised Statutes Title 30-A Sec. 2001
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Obligee: means :