2013 Maryland Code
REAL PROPERTY
§ 8-202 - Lease option agreements


MD Real Prop Code § 8-202 (2013) What's This?

§8-202.

(a) For the purposes of this section, a “lease option agreement” means any clause in a lease agreement or separate document that confers on the tenant some power, either qualified or unqualified, to purchase the landlord’s interest in the property.

(b) (1) A lease option agreement to purchase improved residential property, with or without a ground rent, executed after July 1, 1971 shall contain a statement in capital letters: THIS IS NOT A CONTRACT TO BUY.

(2) In addition, the agreement shall contain a clear statement of its purpose and effect with respect to the ultimate purchase of the property which is the subject of the lease option.

(c) If a lease option agreement fails to comply with subsection (b) of this section and is otherwise enforceable, the lease, the lease option agreement, or both may be voided at the option of the party that did not draft the lease option agreement.

Disclaimer: These codes may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.