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§ 8A-1804. Offer to purchase

West's Annotated Code of MarylandReal PropertyEffective: October 1, 2023

West's Annotated Code of Maryland
Real Property (Refs & Annos)
Title 8a. Mobile Home Parks (Refs & Annos)
Subtitle 18. Sale of Manufactured Housing Communities (Refs & Annos)
Effective: October 1, 2023
MD Code, Real Property, § 8A-1804
§ 8A-1804. Offer to purchase
Currentness
In general
(a) On notice of the intent to sell a manufactured housing community in accordance with § 8A-1803 of this subtitle, a homeowners organization may offer to purchase the manufactured housing community by:
(1) Providing documentation to the community owner indicating that at least 75% of the members of the homeowners organization who reside in the manufactured housing community, with one vote per home, have voted to purchase the community;
(2) Notifying the community owner of the intent to purchase the manufactured housing community; and
(3) Submitting to the community owner a proposed agreement to purchase the manufactured housing community that includes terms substantially similar to the terms included in the sales notice provided under § 8A-1803 of this subtitle.
Registered or certified mail
(b) The homeowners organization shall send the notice of intent to purchase the manufactured housing community and the proposed agreement required under subsection (a) of this section to the community owner by registered or certified mail.
Good faith
(c)(1) If the homeowners organization submits a proposed agreement to purchase the manufactured housing community in accordance with subsection (a) of this section within the 60-day period identified in § 8A-1803 of this subtitle, the community owner shall consider the offer in good faith, which shall include a duty not to act to scuttle the proposed agreement, not to arbitrarily or capriciously refuse to proceed with negotiations, and not to engage in misconduct or dishonesty in the negotiations.
(2) After the expiration of the 60 days identified in § 8A-1803 of this subtitle, a community owner may not be required to consider additional offers from the homeowners organization.
Time for financing and closing
(d) If the manufactured housing community owner and the homeowners organization enter into an agreement for the sale of the manufactured housing community, unless the parties agree to an alternative period of time, the homeowners organization shall have not more than 105 days after the date of the agreement to obtain financing and close on the purchase.
Failure to obtain financing or close
(e) If the homeowners organization does not obtain financing for the purchase or the parties fail to close on the purchase within the time period prescribed in subsection (d) of this section, the community owner has complied with the community owner's obligations under this section.
Assignment
(f) A homeowners organization may assign its rights under this subtitle to a local government, housing authority, nonprofit with expertise relating to housing, or the State or an agency of the State, for the purpose of continuing the use of the property as a manufactured housing community that will provide affordable housing.
List of organizations and agencies
(g) The Department of Housing and Community Development shall maintain on its website a list of organizations and county housing agencies available to assist homeowners with financing for the purchase of a manufactured housing community.

Credits

Added by Acts 2023, c. 176, § 2, eff. Oct. 1, 2023; Acts 2023, c. 177, 2, eff. Oct. 1, 2023.
MD Code, Real Property, § 8A-1804, MD REAL PROP § 8A-1804
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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