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§ 11B-107. Initial sales of lots used for nonresidential purposes

West's Annotated Code of MarylandReal Property

West's Annotated Code of Maryland
Real Property (Refs & Annos)
Title 11b. Maryland Homeowners Association Act (Refs & Annos)
MD Code, Real Property, § 11B-107
§ 11B-107. Initial sales of lots used for nonresidential purposes
Currentness
Disclosures required to purchaser
(a) A contract for the initial sale of a lot in a development of any size to a person who does not intend to occupy or rent the lot for residential purposes is not enforceable by the vendor unless:
(1) The purchaser is given, at or before the time a contract is entered into between the vendor and the purchaser, or within 7 calendar days of entering into the contract, the disclosures set forth in subsection (b) of this section;
(2) The purchaser is given notice of any change in mandatory fees and payments exceeding 10 percent of the amount previously stated to exist or any other substantial and material amendment to the disclosures after the same becomes known to the vendor; and
(3) The purchaser is given at or before the time a contract is entered into between the vendor and the purchaser, a notice in a form substantially the same as the following:
“NOTICE
The seller is required by law to furnish you at or before the time a contract is entered into, or within 7 calendar days of entering into the contract, all of the information listed in § 11B-107(b) of the Maryland Homeowners Association Act. The information is as follows: (The notice shall include at this point the text of § 11B-107(b) in its entirety).”
Information required in writing
(b) The vendor shall provide the purchaser the following information in writing:
(1) The name, principal address, and telephone number of the vendor and of the declarant, if the declarant is not the vendor;
(2) A description of:
(i) The location and size of the development, including the minimum and maximum number of lots currently planned or permitted, if applicable, which may be contained within the development; and
(ii) Any property owned by the declarant or the vendor contiguous to the development which is to be dedicated to public use; and
(3) A copy of the bylaws and rules of the primary development, and of other related developments to the extent available, to which the purchaser shall become obligated on becoming an owner of the lot, including a statement that these obligations are enforceable against an owner and the owner's tenants, if applicable.
Requests to homeowners association for information
(c) In satisfying a vendor's request for any information described under subsection (b) of this section, a homeowners association:
(1) Shall be entitled to direct the vendor to obtain the information from the depository for all disclosures contained in the depository after June 30, 1989; and
(2) May not be required to supply a vendor with any information which is contained in the depository.
Actions to foreclose mortgages or deeds of trust
(d) The provisions of this section do not apply to a sale of a lot in an action to foreclose a mortgage or deed of trust.

Credits

Added by Acts 1988, c. 82, § 1, eff. April 12, 1988. Amended by Acts 1989, c. 693, § 1, eff. July 1, 1989.
MD Code, Real Property, § 11B-107, MD REAL PROP § 11B-107
Current through legislation effective through July 1, 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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