§ 10-301. Escrow account or surety bond requirements and maintenance
West's Annotated Code of MarylandReal PropertyEffective: July 1, 2011
Effective: July 1, 2011
MD Code, Real Property, § 10-301
§ 10-301. Escrow account or surety bond requirements and maintenance
(a) If, in connection with the sale and purchase of a new single-family residential unit, the construction of which has not begun or, if begun, is not completed at the time of contracting the sale, the vendor or builder obligates the purchaser to pay and the vendor or builder receives any sum of money before completion of the unit and grant of the realty to the purchaser, the builder or vendor shall:
(b)(1) Except as provided in paragraph (2) of this subsection, the vendor or builder shall maintain the escrow account, surety bond, or irrevocable letter of credit until the happening of the earlier of:
(2) The vendor or builder may make withdrawals from an escrow account established under subsection (a)(1) of this section that consists of sums received to finance the construction of a residential unit to pay, in accordance with a draw schedule agreed to by the purchaser in writing, documented claims of persons who have furnished labor or material for the construction of the residential unit.
(c)(1)(i) In this subsection the following words have the meanings indicated.
Credits
Added by Acts 1974, c. 12, § 2, eff. July 1, 1974. Amended by Acts 1976, c. 272; Acts 1985, c. 732; Acts 1987, c. 309; Acts 1989, c. 563; Acts 1995, c. 58, § 2, eff. Oct. 1, 1995; Acts 1998, c. 144, § 1, eff. Oct. 1, 1998; Acts 2011, c. 450, § 1, eff. July 1, 2011; Acts 2011, c. 451, § 1, eff. July 1, 2011.
Formerly Art. 21, § 10-301.
MD Code, Real Property, § 10-301, MD REAL PROP § 10-301
Current through legislation effective through April 25, 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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