Md. Code Ann., Bus. Occ. & Prof. § 17-524
Statements required in real estate contracts
Effective Feb 28, 1994Added by Acts 1989, c. 3, § 1, eff. Oct. 1, 1989. Amended by Acts 1991, c. 527. Renumbered from Business Occupations and Professions § 16-524 by Acts 1994, c. 3, § 13, eff. Feb. 28, 1994.State of Maryland
(a) Each real estate contract submitted to a party by a real estate broker, an associate real estate broker, or a real estate salesperson for use in the sale of a single-family dwelling shall contain, in bold-faced type, a statement that the buyer has the right to select the buyer's own:
- (1) title insurance company;
- (2) settlement company;
- (3) escrow company;
- (4) mortgage lender, or financial institution as defined in the Financial Institutions Article; or
- (5) title lawyer.
- (b) The statement required under subsection (a) of this section shall also contain, in bold-faced type, a statement that a seller may not be prohibited from offering owner financing as a condition of settlement.
- (c) A real estate contract is not rendered invalid by the omission of the statement to the buyer required under subsections (a) and (b) of this section.
Added by Acts 1989, c. 3, § 1, eff. Oct. 1, 1989. Amended by Acts 1991, c. 527. Renumbered from Business Occupations and Professions § 16-524 by Acts 1994, c. 3, § 13, eff. Feb. 28, 1994.
Formerly Art. 56A, § 4-524.