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Maryland Code, Real Property § 8-812

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

(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.

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Cite this article: FindLaw.com - Maryland Code, Real Property § 8-812 - last updated January 01, 2025 | https://codes.findlaw.com/md/real-property/md-code-real-prop-sect-8-812/

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