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Maryland Code, Commercial Law § 12-121

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) In this section, the term “lender's inspection fee” means a fee imposed by a lender to pay for a visual inspection of real property.

(b) Except as provided in subsection (c) of this section, a lender may not impose a lender's inspection fee in connection with a loan secured by residential real property.

(c) A lender's inspection fee may be charged if the inspection is needed to ascertain completion of:

(1) Construction of a new home; or

(2) Repairs, alterations, or other work required by the lender.

(d) This section does not apply to an appraisal of the value of real property by a lender or to fees imposed in connection with an appraisal.

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Cite this article: FindLaw.com - Maryland Code, Commercial Law § 12-121 - last updated January 01, 2025 | https://codes.findlaw.com/md/commercial-law/md-code-coml-sect-12-121/

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