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§ 17-524. Statements required in real estate contracts

West's Annotated Code of MarylandBusiness Occupations and Professions

West's Annotated Code of Maryland
Business Occupations and Professions
Title 17. Real Estate Brokers (Refs & Annos)
Subtitle 5. Miscellaneous Provisions (Refs & Annos)
Part II. General Miscellaneous Provisions
MD Code, Business Occupations & Professions, § 17-524
§ 17-524. Statements required in real estate contracts
Currentness
Right of buyer to select own business partners
(a) Each real estate contract submitted to a party by a real estate broker, an associate real estate broker, or a real estate salesperson for use in the sale of a single-family dwelling shall contain, in bold-faced type, a statement that the buyer has the right to select the buyer's own:
(1) title insurance company;
(2) settlement company;
(3) escrow company;
(4) mortgage lender, or financial institution as defined in the Financial Institutions Article; or
(5) title lawyer.
Offer of owner financing
(b) The statement required under subsection (a) of this section shall also contain, in bold-faced type, a statement that a seller may not be prohibited from offering owner financing as a condition of settlement.
Omission of statements
(c) A real estate contract is not rendered invalid by the omission of the statement to the buyer required under subsections (a) and (b) of this section.

Credits

Added by Acts 1989, c. 3, § 1, eff. Oct. 1, 1989. Amended by Acts 1991, c. 527. Renumbered from Business Occupations and Professions § 16-524 by Acts 1994, c. 3, § 13, eff. Feb. 28, 1994.
Formerly Art. 56A, § 4-524.
MD Code, Business Occupations & Professions, § 17-524, MD BUS OCCUP & PROF § 17-524
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.
End of Document