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§ 8-812. Rights of borrowers to redeem ground rents

West's Annotated Code of MarylandReal PropertyEffective: July 1, 2015

West's Annotated Code of Maryland
Real Property (Refs & Annos)
Title 8. Landlord and Tenant (Refs & Annos)
Subtitle 8. Residential Ground Leases (Refs & Annos)
Effective: July 1, 2015
MD Code, Real Property, § 8-812
Formerly cited as MD REAL PROP § 14-129
§ 8-812. Rights of borrowers to redeem ground rents
Currentness
Application of section
(a) This section does not apply to a:
(1) Home equity line of credit;
(2) Loan secured by an indemnity deed of trust; or
(3) Commercial loan.
Notice of right to redeem ground rent
(b) Before the settlement of a loan secured by a mortgage or deed of trust on residential real property improved by four or fewer single-family units that is subject to a redeemable ground rent, the settlement agent shall notify the borrower that:
(1) The borrower has the right to redeem the ground rent under § 8-804 of this subtitle;
(2) The redemption amount is fixed by law but may also be negotiated with the ground lease holder for a different amount;
(3) It may be possible to include the amount of the redemption in this loan;
(4) For information on redeeming the ground rent, the borrower should contact the ground lease holder; and
(5) For information on including the amount of the redemption in this loan, the borrower should contact the lender or credit grantor making this loan.

Credits

Added as Real Property § 14-129 by Acts 2007, c. 291, § 1, eff. July 1, 2007. Renumbered as Real Property § 8-812 and amended by Acts 2015, c. 428, § 2, eff. July 1, 2015.
MD Code, Real Property, § 8-812, MD REAL PROP § 8-812
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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