§ 7-310. Sale or transfer of residence in default; notice of rescission, venue
West's Annotated Code of MarylandReal PropertyEffective: April 3, 2008
Effective: April 3, 2008
MD Code, Real Property, § 7-310
§ 7-310. Sale or transfer of residence in default; notice of rescission, venue
(a) In addition to any other right under law to rescind a contract, the homeowner of a residence in default has the right to rescind a contract for the sale or transfer of the residence in default within 5 days after the execution of the contract.
(b) Any provision in a contract or other agreement concerning a sale or transfer of a residence in default that attempts or purports to waive the homeowner's rights under this title, consent to jurisdiction for litigation or choice of law in a state other than Maryland, consent to venue in a county other than the county in which the property is located, or impose any costs or filing fees greater than the fees required to file an action in a circuit court, is void.
(c) Except when a primary mortgage lender takes a deed in lieu of foreclosure, a sale or transfer of a residence in default may not be executed using a quitclaim deed.
(d) A notice of rescission under this section:
(e) The right to rescind may not be conditioned on the repayment of any funds, provided however that any debt existing prior to a rescission shall continue to exist.
(f) Within 10 days after receipt of a notice of rescission, the purchaser or transferee shall return, without condition, any original deed, title, contract, and any other document signed by the homeowner.
Credits
Added by Acts 2008, c. 5, § 1, eff. April 3, 2008; Acts 2008, c. 6, § 1, eff. April 3, 2008.
MD Code, Real Property, § 7-310, MD REAL PROP § 7-310
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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