Maryland Business Occupations and Professions Section 17-524

Article - Business Occupations and Professions

§ 17-524.

      (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.



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