§ 7-311. Sale or transfer of residence in default; foreclosure consultants, notice of rescissio...
West's Annotated Code of MarylandReal PropertyEffective: April 3, 2008
Effective: April 3, 2008
MD Code, Real Property, § 7-311
§ 7-311. Sale or transfer of residence in default; foreclosure consultants, notice of rescission
(a) This section applies to a contract for the sale or transfer of a residence in default that is included in a foreclosure consulting contract or arranged by a foreclosure consultant.
(b) In addition to any other requirement under law, the purchaser of a residence in default shall provide the homeowner with a document entitled “Notice to Homeowner”.
(c) The document entitled “Notice to Homeowner” shall:
“If you change your mind about selling or transferring ownership of your property, you, the homeowner, may rescind the contract for the sale or transfer of the deed or title to your property any time within the next 5 days. See the attached Notice of Right to Rescind Contract for the Sale or Transfer of Deed or Title. After any rescission, you must repay, within 60 days, any money spent on your behalf as a result of this agreement, along with interest calculated at the rate of 8% a year.
THIS IS AN IMPORTANT LEGAL CONTRACT AND COULD RESULT IN THE LOSS OF YOUR HOME. CONTACT AN ATTORNEY BEFORE SIGNING.”
(d)(1) The purchaser shall provide the homeowner with a document entitled “NOTICE OF RIGHT TO RESCIND CONTRACT FOR THE SALE OR TRANSFER OF DEED OR TITLE”.
“NOTICE OF RIGHT TO RESCIND CONTRACT FOR THE SALE OR TRANSFER OF DEED OR TITLE
(Date)
You may rescind the contract for the sale or transfer of ownership of your property within 5 business days after the date you sign this document and are notified of this right.
To rescind this contract, mail or deliver a signed and dated copy of this Notice, or any other written notice expressing a similar intent to (name of purchaser) at (address of purchaser, including facsimile and electronic mail).
After any rescission, you (the homeowner) must repay any money spent on your behalf as a result of this agreement, within 60 days, along with interest calculated at the rate of 8% a year.
THIS IS AN IMPORTANT LEGAL CONTRACT AND COULD RESULT IN THE LOSS OF YOUR HOME. CONTACT AN ATTORNEY BEFORE SIGNING.
NOTICE OF RESCISSION
TO: (name of purchaser)
(address of purchaser, including facsimile and electronic mail)
I hereby rescind the contract for the sale or transfer of deed or title to my property. Please return all executed documents to me.
..........(Date)
..........(Homeowner's signature)”.
(e) The purchaser shall provide the homeowner with a copy of the Notice of Right to Rescind Contract for the Sale or Transfer of Deed or Title immediately on execution of any document that includes an agreement to sell or transfer.
Credits
Added as Real Property § 7-310 by Acts 2005, c. 509, § 1, eff. May 26, 2005. Renumbered as Real Property § 7-311 by Acts 2008, c. 5, § 1, eff. April 3, 2008; Acts 2008, c. 6, § 1, eff. April 3, 2008.
MD Code, Real Property, § 7-311, MD REAL PROP § 7-311
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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