Md. Code, Real Property § 8-812
This is the official text of Md. Code, Real Property § 8-812, part of Maryland’s Code, Real Property — governs real estate transactions and landlord-tenant law.
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§8–812.
Official statutory text
(a) This section does not apply to a:
(1) Home equity line of credit;
(2) Loan secured by an indemnity deed of trust; or
(3) Commercial loan.
(b) Before the settlement of a loan secured by a mortgage or deed of trust on residential real property improved by four or fewer single–family units that is subject to a redeemable ground rent, the settlement agent shall notify the borrower that:
(1) The borrower has the right to redeem the ground rent under § 8–804 of this subtitle;
(2) The redemption amount is fixed by law but may also be negotiated with the ground lease holder for a different amount;
(3) It may be possible to include the amount of the redemption in this loan;
(4) For information on redeeming the ground rent, the borrower should contact the ground lease holder; and
(5) For information on including the amount of the redemption in this loan, the borrower should contact the lender or credit grantor making this loan.
(1) Home equity line of credit;
(2) Loan secured by an indemnity deed of trust; or
(3) Commercial loan.
(b) Before the settlement of a loan secured by a mortgage or deed of trust on residential real property improved by four or fewer single–family units that is subject to a redeemable ground rent, the settlement agent shall notify the borrower that:
(1) The borrower has the right to redeem the ground rent under § 8–804 of this subtitle;
(2) The redemption amount is fixed by law but may also be negotiated with the ground lease holder for a different amount;
(3) It may be possible to include the amount of the redemption in this loan;
(4) For information on redeeming the ground rent, the borrower should contact the ground lease holder; and
(5) For information on including the amount of the redemption in this loan, the borrower should contact the lender or credit grantor making this loan.
Status: in_force · Read it on the official government site
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