A contract for deed (or land installment contract) gives a seller of real estate property in Maine a means of selling to a buyer who might not qualify for a traditional mortgage loan.
- The seller takes over the role the mortgage lender by carrying all or part of the purchase price for the property.
- The buyer will make regular payments of principal and interest, or principal only (both options are included in the template - you choose the one that reflects your circumstances.
- Title to the property will transfer to the buyer once the full purchase price (plus interest if applicable) has been paid.
- The seller has the right to take back the property if the buyer defaults under the contract.
A land installment contract makes it easier to sell your property. Buy and download the Maine Contract for Deed form, fill it in and have it signed.
Last Updated: 14-April-2016