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2017 Maryland Code
Title 10 - Sales of Property
Subtitle 3 - Deposits on New Homes
§ 10-301.1. Money received by vendor or builder.
Universal Citation: MD Real Prop Code § 10-301.1 (2017)
- (a) Money to be held in trust. -- Any sum of money received by a vendor or builder in connection with the sale and purchase of a new single-family residential unit shall be held in trust for the benefit of the purchaser.
- (b) Payments for labor or material shall be consistent with trust. -- Any payments made for labor or material in connection with the construction of the residential unit shall be consistent with the trust obligation required under subsection (a) of this section.
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