§ 11A-118. Contents of sales contracts
West's Annotated Code of MarylandReal Property
MD Code, Real Property, § 11A-118
§ 11A-118. Contents of sales contracts
(a) A developer shall furnish each purchaser a copy of the sales contract which contains the following information:
“You may cancel this contract without any penalty or obligation within 10 days from the date of this contract, or until 10 days after you receive the public offering statement, or the time-share unit meets all building requirements and is ready for occupancy, whichever last occurs.
If you decide to cancel this contract, you must notify the developer in writing, in which case, your notice of cancellation shall be effective on the date sent provided it is actually received by the developer and shall be sent to (name of developer) at (address of developer).
Any attempt to obtain a waiver of your cancellation rights is unlawful. While you may execute all documents in advance, the closing, as evidenced by delivery of the deed or other document, before expiration of your 10 day cancellation period, is prohibited.”
(b) If a time-share license is being conveyed, the contract shall also contain, in conspicuous type, the following statement:
“You may also cancel this contract, at any time after the accommodations or facilities at the time-share project are no longer available as provided in this contract and the public offering statement.”
(c) A statement that, in the event of cancellation of the contract within the 10-day period, a refund shall be made within 20 business days after receipt of notice of cancellation, or within 5 days after receipt of funds from the purchaser's cleared check, whichever is later.
Credits
Added by Acts 1984, c. 579, § 1, eff. Jan. 1, 1985.
MD Code, Real Property, § 11A-118, MD REAL PROP § 11A-118
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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