§ 17-524

Maryland § 17-524

• Jurisdiction: Maryland
• Article gbo: Business Occupations and Professions
• Title: 17

Text

(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.

(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.

(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.