| 1 | 1 | | |
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| 2 | 2 | | |
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| 3 | 3 | | EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW. |
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| 4 | 4 | | [Brackets] indicate matter deleted from existing law. |
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| 5 | 5 | | *sb0664* |
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| 6 | 6 | | |
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| 7 | 7 | | SENATE BILL 664 |
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| 8 | 8 | | N1 4lr2533 |
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| 9 | 9 | | HB 425/23 – ENT CF HB 480 |
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| 10 | 10 | | By: Senator Charles |
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| 11 | 11 | | Introduced and read first time: January 29, 2024 |
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| 12 | 12 | | Assigned to: Judicial Proceedings |
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| 13 | 13 | | |
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| 14 | 14 | | A BILL ENTITLED |
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| 15 | 15 | | |
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| 16 | 16 | | AN ACT concerning 1 |
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| 17 | 17 | | |
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| 18 | 18 | | Real Property – Land Installment Contracts – Requirements and Vendor Duties 2 |
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| 19 | 19 | | and Limitations 3 |
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| 20 | 20 | | |
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| 21 | 21 | | FOR the purpose of requiring that certain signatures for the parties to a land installment 4 |
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| 22 | 22 | | contract be acknowledged and include the date that the party signed the contract; 5 |
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| 23 | 23 | | requiring the vendor to provide a purchaser under a land installment contract with 6 |
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| 24 | 24 | | the results of a title search for the property at or before the time the purchaser signs 7 |
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| 25 | 25 | | the contract; requiring the inclusion of certain notice, terms, and recitals in a land 8 |
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| 26 | 26 | | installment contract; altering the percentage of the original cash price of a land 9 |
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| 27 | 27 | | installment contract that the purchaser must pay before the purchaser may demand 10 |
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| 28 | 28 | | a grant of the deed to the property to the purchaser; prohibiting a vendor from 11 |
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| 29 | 29 | | executing an agreement with the purchaser to assign an outstanding mortgage or 12 |
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| 30 | 30 | | lien secured by the property to the purchaser without granting the purchaser deed 13 |
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| 31 | 31 | | to the property; and generally relating to purchases of real property by land 14 |
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| 32 | 32 | | installment contract. 15 |
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| 33 | 33 | | |
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| 34 | 34 | | BY repealing and reenacting, without amendments, 16 |
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| 35 | 35 | | Article – Real Property 17 |
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| 36 | 36 | | Section 10–101(a) and (c) 18 |
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| 37 | 37 | | Annotated Code of Maryland 19 |
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| 38 | 38 | | (2023 Replacement Volume) 20 |
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| 39 | 39 | | |
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| 40 | 40 | | BY repealing and reenacting, with amendments, 21 |
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| 41 | 41 | | Article – Real Property 22 |
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| 42 | 42 | | Section 10–102, 10–103, 10–105, and 10–107 23 |
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| 43 | 43 | | Annotated Code of Maryland 24 |
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| 44 | 44 | | (2023 Replacement Volume) 25 |
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| 45 | 45 | | |
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| 46 | 46 | | SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 26 |
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| 47 | 47 | | That the Laws of Maryland read as follows: 27 |
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| 48 | 48 | | 2 SENATE BILL 664 |
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| 49 | 49 | | |
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| 50 | 50 | | |
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| 51 | 51 | | Article – Real Property 1 |
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| 52 | 52 | | |
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| 53 | 53 | | 10–101. 2 |
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| 54 | 54 | | |
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| 55 | 55 | | (a) In this subtitle the following words have the meanings indicated unless 3 |
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| 56 | 56 | | otherwise apparent from context. 4 |
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| 57 | 57 | | |
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| 58 | 58 | | (c) “Land installment contract” means a legally binding executory agreement 5 |
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| 59 | 59 | | under which: 6 |
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| 60 | 60 | | |
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| 61 | 61 | | (1) The vendor agrees to sell an interest in property to the purchaser and 7 |
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| 62 | 62 | | the purchaser agrees to pay the purchase price in five or more subsequent payments 8 |
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| 63 | 63 | | exclusive of the down payment, if any; and 9 |
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| 64 | 64 | | |
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| 65 | 65 | | (2) The vendor retains title as security for the purchaser’s obligation. 10 |
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| 66 | 66 | | |
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| 67 | 67 | | 10–102. 11 |
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| 68 | 68 | | |
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| 69 | 69 | | (a) [Every] A land installment contract shall be evidenced by [a contract] AN 12 |
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| 70 | 70 | | INSTRUMENT DULY signed AND ACKNOWLEDGED by all parties to [it] THE 13 |
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| 71 | 71 | | INSTRUMENT , THAT INCLUDES THE DA TE ON WHICH EACH PAR TY SIGNED THE 14 |
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| 72 | 72 | | INSTRUMENT and [containing] CONTAINS all the terms to which [they] THE PARTIES 15 |
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| 73 | 73 | | have agreed. 16 |
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| 74 | 74 | | |
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| 75 | 75 | | (b) (1) (I) At or before the time the purchaser signs the instrument, the 17 |
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| 76 | 76 | | vendor shall deliver to [him] THE PURCHASER an exact copy OF THE INSTRUMENT AN D, 18 |
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| 77 | 77 | | SUBJECT TO SUBPARAGR APH (II) OF THIS PARAGRAPH , THE RESULTS OF A TITLE 19 |
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| 78 | 78 | | SEARCH FOR THE PROPE RTY SUBJECT TO THE L AND INSTALLMENT CONT RACT, and 20 |
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| 79 | 79 | | the purchaser shall give the vendor a receipt showing that [he] THE PURCHASER has 21 |
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| 80 | 80 | | received the copy of the instrument. 22 |
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| 81 | 81 | | |
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| 82 | 82 | | (II) THE TITLE SEARCH SHAL L BE PERFORMED BY A QUALIFIED, 23 |
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| 83 | 83 | | DISINTERESTED PARTY AT THE VENDOR ’S EXPENSE. 24 |
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| 84 | 84 | | |
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| 85 | 85 | | (2) (I) If the copy OF THE INSTRUMENT was not executed by the 25 |
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| 86 | 86 | | vendor at the time the purchaser signed, the vendor shall deliver a copy of the instrument 26 |
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| 87 | 87 | | signed by [him] THE VENDOR within 15 days after [he] THE VENDOR receives notice that 27 |
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| 88 | 88 | | the purchaser has signed and the purchaser shall give the vendor a receipt showing that 28 |
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| 89 | 89 | | [he] THE PURCHASER has received the copy. 29 |
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| 90 | 90 | | |
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| 91 | 91 | | (II) If the vendor fails to deliver the copy within 15 days, the contract 30 |
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| 92 | 92 | | signed by the purchaser is void at [his] THE PURCHASER ’S option, and the vendor, 31 |
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| 93 | 93 | | immediately, on demand, shall refund to the purchaser all payments and deposits that have 32 |
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| 94 | 94 | | been made. 33 |
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| 95 | 95 | | SENATE BILL 664 3 |
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| 96 | 96 | | |
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| 97 | 97 | | |
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| 98 | 98 | | (c) (1) The receipt for the delivery of a copy of a contract shall be printed in 1 |
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| 99 | 99 | | 12–point bold type or larger, typewritten or written in legible handwriting. 2 |
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| 100 | 100 | | |
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| 101 | 101 | | (2) If contained in the contract, the receipt shall be printed, typewritten, or 3 |
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| 102 | 102 | | written immediately below the signature on the contract and shall be signed separately. 4 |
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| 103 | 103 | | |
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| 104 | 104 | | (3) IF NOT CONTAINED IN T HE CONTRACT , THE RECEIPT SHALL BE 5 |
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| 105 | 105 | | SIGNED AND ACKNOWLED GED BY THE PURCHASER AND INCLUDE THE DATE THAT 6 |
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| 106 | 106 | | THE PURCHASER SIGNED THE CONTRACT . 7 |
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| 107 | 107 | | |
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| 108 | 108 | | (d) Until the purchaser signs a land installment contract and receives a copy 8 |
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| 109 | 109 | | signed by the vendor, the purchaser has an unconditional right to cancel the contract and 9 |
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| 110 | 110 | | to receive immediate refund of all payments and deposits made on account of or in 10 |
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| 111 | 111 | | contemplation of the contract. A request for a refund operates to cancel the contract. 11 |
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| 112 | 112 | | |
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| 113 | 113 | | (e) When any payment or deposit is accepted by the vendor from a purchaser, 12 |
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| 114 | 114 | | before the purchaser signs a land installment contract and receives a copy, the vendor 13 |
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| 115 | 115 | | immediately shall deliver to [him] THE PURCHASER a receipt, which clearly states in 14 |
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| 116 | 116 | | 12–point type or larger, in typewriting or in legible handwriting, [his] THE PURCHASER ’S 15 |
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| 117 | 117 | | rights under subsection (d) of this section. 16 |
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| 118 | 118 | | |
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| 119 | 119 | | (f) (1) Within 15 days after the contract is signed by both the vendor and 17 |
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| 120 | 120 | | purchaser, the vendor shall cause the contract to be recorded among the land records of the 18 |
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| 121 | 121 | | county where the property lies and shall mail the recorder’s receipt to the purchaser. [This] 19 |
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| 122 | 122 | | |
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| 123 | 123 | | (2) THE duty of recordation and mailing of receipt shall be written clearly 20 |
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| 124 | 124 | | or printed on the contract. [Failure to do so, or to record as required under this section 21 |
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| 125 | 125 | | within the time stipulated,] 22 |
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| 126 | 126 | | |
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| 127 | 127 | | (3) A VENDOR’S FAILURE TO MEET TH E REQUIREMENTS OF 23 |
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| 128 | 128 | | PARAGRAPHS (1) AND (2) OF THIS SUBSECTION gives the purchaser the unconditional 24 |
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| 129 | 129 | | right to cancel the contract and to receive AN immediate refund of all payments and 25 |
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| 130 | 130 | | deposits made on account of or in contemplation of the contract, if the purchaser exercises 26 |
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| 131 | 131 | | the right to cancel before the vendor records the contract. 27 |
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| 132 | 132 | | |
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| 133 | 133 | | 10–103. 28 |
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| 134 | 134 | | |
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| 135 | 135 | | (a) Every land installment contract shall contain all the following information: 29 |
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| 136 | 136 | | |
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| 137 | 137 | | (1) The full name, the place of residence, and post office address of every 30 |
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| 138 | 138 | | party to the contract; 31 |
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| 139 | 139 | | |
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| 140 | 140 | | (2) The date when signed by the purchaser; 32 |
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| 141 | 141 | | |
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| 142 | 142 | | (3) A legal description AND THE PHYSICAL ADD RESS of the property 33 |
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| 143 | 143 | | covered by the contract; 34 4 SENATE BILL 664 |
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| 144 | 144 | | |
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| 145 | 145 | | |
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| 146 | 146 | | |
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| 147 | 147 | | (4) A disclosure, with respect to the six–month period prior to the date of 1 |
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| 148 | 148 | | purchase, of [every transfer of title to the property, the sale price of each transfer,] THE 2 |
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| 149 | 149 | | SALE PRICE FOR EVERY TRAN SFER OF TITLE TO THE PROPERTY and the substantiated 3 |
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| 150 | 150 | | cost to the vendor of repairs or improvements TO THE PROPERTY ; 4 |
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| 151 | 151 | | |
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| 152 | 152 | | (5) (I) AN ATTESTATION THAT T HE VENDOR PROVIDED T HE 5 |
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| 153 | 153 | | PURCHASER WITH THE R ESULTS OF A TITLE SE ARCH FOR THE PROPERT Y SUBJECT 6 |
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| 154 | 154 | | TO THE LAND INSTALLM ENT CONTRACT AS REQU IRED UNDER § 10–102 OF THIS 7 |
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| 155 | 155 | | SUBTITLE, SIGNED BY THE PURCHA SER; AND 8 |
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| 156 | 156 | | |
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| 157 | 157 | | (II) IF TITLE TO THE PROPE RTY SUBJECT TO THE L AND 9 |
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| 158 | 158 | | INSTALLMENT CONTRACT IS NOT FREE AND CLEA R OF ALL ENCUMBRANCE S, A 10 |
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| 159 | 159 | | SEPARATE NOTICE BY T HE VENDOR THAT THE PURCHA SER HAS BEEN INFORME D 11 |
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| 160 | 160 | | THAT LIENS EXIST ON THE PROPERTY SUBJECT TO THE LAND INSTALLM ENT 12 |
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| 161 | 161 | | CONTRACT AND THAT TH IS MAY NEGATIVELY IM PACT THE PURCHASER ’S RIGHTS TO 13 |
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| 162 | 162 | | THE PROPERTY THAT IS SIGNED BY THE PURCHA SER; 14 |
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| 163 | 163 | | |
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| 164 | 164 | | [(5)] (6) A provision that the [vendee] PURCHASER has the right to 15 |
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| 165 | 165 | | accelerate any installment payment; 16 |
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| 166 | 166 | | |
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| 167 | 167 | | [(6)] (7) Provisions stating clearly (i) any collateral security taken for the 17 |
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| 168 | 168 | | purchaser’s obligation under the contract, and (ii) whether or not the vendor has received 18 |
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| 169 | 169 | | any written notice from any public agency requiring any repairs or improvements to be 19 |
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| 170 | 170 | | made to the property described in the contract; 20 |
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| 171 | 171 | | |
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| 172 | 172 | | [(7)] (8) The following notice in 12–point bold type or larger, typewritten 21 |
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| 173 | 173 | | or handwritten legibly directly above the space reserved in the contract for the signature 22 |
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| 174 | 174 | | of the purchaser: 23 |
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| 175 | 175 | | |
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| 176 | 176 | | Notice to Purchaser 24 |
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| 177 | 177 | | |
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| 178 | 178 | | You are entitled to a copy of this contract at the time you sign it; 25 |
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| 179 | 179 | | |
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| 180 | 180 | | [(8)] (9) The following notice, in 12–point bold type or larger, typewritten 26 |
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| 181 | 181 | | or handwritten legibly, directly below the space reserved in the contract for the signature 27 |
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| 182 | 182 | | of the purchaser acknowledging the receipt of a copy of the contract: 28 |
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| 183 | 183 | | |
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| 184 | 184 | | [In] SUBJECT TO THE ABILIT Y OF A PURCHASER TO CURE A DEFAULT UNDER 29 |
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| 185 | 185 | | § 10–106 OF THE REAL PROPERTY ARTICLE, ANNOTATED CODE OF MARYLAND, IN 30 |
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| 186 | 186 | | the event of default, the purchaser may be liable to a default judgment; AND 31 |
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| 187 | 187 | | |
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| 188 | 188 | | (10) PROVISIONS STATING CL EARLY THE RIGHTS OF THE PURCHASER 32 |
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| 189 | 189 | | AND SELLER TO CURE A DEFAULT. 33 |
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| 190 | 190 | | SENATE BILL 664 5 |
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| 191 | 191 | | |
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| 192 | 192 | | |
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| 193 | 193 | | (b) The contract also shall recite in simple tabular form, the following separate 1 |
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| 194 | 194 | | items in the following order: 2 |
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| 195 | 195 | | |
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| 196 | 196 | | (1) The cash price of the property sold; 3 |
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| 197 | 197 | | |
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| 198 | 198 | | (2) Any charge or fee for any service which is included in the contract 4 |
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| 199 | 199 | | separate from the cash price; 5 |
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| 200 | 200 | | |
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| 201 | 201 | | (3) The cost to the purchaser of any insurance coverage from the date of 6 |
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| 202 | 202 | | the contract, for the payment of which credit is to be extended to the purchaser, the amount 7 |
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| 203 | 203 | | or extent and expiration date of the coverage, a concise description of the type of coverage, 8 |
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| 204 | 204 | | and every party to whom the insurance is payable; 9 |
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| 205 | 205 | | |
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| 206 | 206 | | (4) The sum of items (1), (2), and (3) OF THIS SUBSECTION ; 10 |
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| 207 | 207 | | |
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| 208 | 208 | | (5) The amount of any down payment on behalf of the purchaser; 11 |
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| 209 | 209 | | |
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| 210 | 210 | | (6) The principal balance owed, which is the sum of item (4) of this 12 |
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| 211 | 211 | | [subtitle] SUBSECTION less item (5) of this [subtitle] SUBSECTION ; 13 |
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| 212 | 212 | | |
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| 213 | 213 | | (7) (I) The amount and [time] DUE DATE of each installment payment 14 |
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| 214 | 214 | | [and the], BROKEN OUT BY : 15 |
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| 215 | 215 | | |
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| 216 | 216 | | 1. THE AMOUNT OF PRINCIP AL OWED FOR THE 16 |
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| 217 | 217 | | INSTALLMENT PAYMENT ; AND 17 |
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| 218 | 218 | | |
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| 219 | 219 | | 2. THE AMOUNT OF INTERES T OWED FOR THE 18 |
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| 220 | 220 | | INSTALLMENT PAYMENT ; 19 |
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| 221 | 221 | | |
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| 222 | 222 | | (II) THE total number of periodic [installments] INSTALLMENT 20 |
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| 223 | 223 | | PAYMENTS; AND 21 |
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| 224 | 224 | | |
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| 225 | 225 | | (III) DISCLOSURE OF ANY BAL LOON PAYMENTS ; 22 |
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| 226 | 226 | | |
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| 227 | 227 | | (8) The interest on the unpaid balance not exceeding the percentage per 23 |
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| 228 | 228 | | annum allowed by § 12–404(b) of the Commercial Law Article, provided that points may 24 |
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| 229 | 229 | | not be charged; AND 25 |
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| 230 | 230 | | |
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| 231 | 231 | | (9) Any ground rent, taxes, and other public charges. 26 |
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| 232 | 232 | | |
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| 233 | 233 | | (c) The installment payments first shall be applied by the vendor to the payment 27 |
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| 234 | 234 | | of: 28 |
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| 235 | 235 | | |
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| 236 | 236 | | (1) Taxes, assessments, and other public charges levied or assessed against 29 |
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| 237 | 237 | | the property and paid by the vendor; 30 |
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| 238 | 238 | | 6 SENATE BILL 664 |
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| 239 | 239 | | |
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| 240 | 240 | | |
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| 241 | 241 | | (2) Any ground rent paid by the vendor; 1 |
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| 242 | 242 | | |
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| 243 | 243 | | (3) Insurance premiums on the property paid by the vendor; 2 |
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| 244 | 244 | | |
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| 245 | 245 | | (4) Interest on unpaid balance owed by the purchaser at a rate not 3 |
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| 246 | 246 | | exceeding the percentage per annum allowed by § 12–404(b) of the Commercial Law Article; 4 |
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| 247 | 247 | | AND 5 |
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| 248 | 248 | | |
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| 249 | 249 | | (5) Principal balance owed by purchaser. 6 |
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| 250 | 250 | | |
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| 251 | 251 | | (d) No vendor may place or hold any mortgage on any property sold under a land 7 |
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| 252 | 252 | | installment contract in any amount greater than the balance due under the contract, nor 8 |
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| 253 | 253 | | may any mortgage require payments in excess of the periodic payments required under the 9 |
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| 254 | 254 | | contract. 10 |
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| 255 | 255 | | |
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| 256 | 256 | | 10–105. 11 |
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| 257 | 257 | | |
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| 258 | 258 | | (a) If the LAND INSTALLMENT contract fixes no earlier period, when [40 percent] 12 |
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| 259 | 259 | | 20% or more of the original cash price of the property is paid, the purchaser may demand 13 |
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| 260 | 260 | | a grant of the [premises mentioned in] PROPERTY SUBJECT TO the contract, on the 14 |
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| 261 | 261 | | condition that [he] THE PURCHASER execute a purchase money mortgage to the vendor, 15 |
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| 262 | 262 | | or to a mortgagee procured by the purchaser. If any mortgage is executed [pursuant to] IN 16 |
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| 263 | 263 | | ACCORDANCE WITH the purchaser’s demand for grant under this subsection, the 17 |
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| 264 | 264 | | purchaser is liable for expenses, such as title search, drawing deed and mortgage, one half 18 |
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| 265 | 265 | | of cost of federal and State revenue stamps, notary fees, recording, reasonable building 19 |
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| 266 | 266 | | association fees, judgment reports, and tax lien report. 20 |
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| 267 | 267 | | |
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| 268 | 268 | | (b) The periodic principal and interest payments required by the mortgage may 21 |
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| 269 | 269 | | not exceed the periodic principal and interest payments otherwise required by the land 22 |
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| 270 | 270 | | installment contract, except with the consent of the mortgagor. This consent may be 23 |
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| 271 | 271 | | evidenced by the execution of a mortgage. 24 |
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| 272 | 272 | | |
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| 273 | 273 | | (c) The mortgagee may require the usual covenants by the mortgagor for the 25 |
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| 274 | 274 | | payment of the mortgage debt, the taxes on the mortgaged property, any ground rent, and 26 |
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| 275 | 275 | | the premiums on fire and extended coverage insurance in an amount equal to the mortgage 27 |
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| 276 | 276 | | indebtedness, if obtainable, and if not, then in the highest amount of insurance obtainable. 28 |
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| 277 | 277 | | The mortgage also may require the usual remedies on default by way of a power of sale to 29 |
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| 278 | 278 | | the mortgagee, [his] THE MORTGAGEE ’S assigns, or [his] THE MORTGAGEE ’S attorney or 30 |
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| 279 | 279 | | assent to a decree for sale by the mortgagor pursuant to the Maryland Rules, or both. 31 |
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| 280 | 280 | | |
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| 281 | 281 | | (d) The deed and mortgage executed pursuant to this section shall supersede 32 |
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| 282 | 282 | | entirely the land installment contract. 33 |
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| 283 | 283 | | |
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| 284 | 284 | | (E) A VENDOR MAY NOT EXECU TE AN AGREEMENT WITH A PURCHASER 34 |
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| 285 | 285 | | ASSIGNING TO THE PUR CHASER AN OUTSTANDIN G MORTGAGE OR OTHER LIEN 35 |
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| 286 | 286 | | SECURED BY THE PROPE RTY THAT IS SUBJECT TO THE LAND INSTALLM ENT 36 SENATE BILL 664 7 |
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| 287 | 287 | | |
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| 288 | 288 | | |
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| 289 | 289 | | CONTRACT WITHOUT GRA NTING THE PURCHASER DEED TO THE PROPERTY IN 1 |
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| 290 | 290 | | ACCORDANCE WITH THIS SECTION. 2 |
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| 291 | 291 | | |
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| 292 | 292 | | 10–107. 3 |
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| 293 | 293 | | |
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| 294 | 294 | | (a) Every vendor under a land installment contract shall mail or deliver a 4 |
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| 295 | 295 | | statement to the purchaser: 5 |
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| 296 | 296 | | |
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| 297 | 297 | | (1) When [40 percent] 20% of the original cash price has been paid; and 6 |
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| 298 | 298 | | |
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| 299 | 299 | | (2) (i) Annually within 30 days of January 1; or 7 |
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| 300 | 300 | | |
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| 301 | 301 | | (ii) On demand of the purchaser no more than twice a year. 8 |
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| 302 | 302 | | |
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| 303 | 303 | | (b) The statement shall show: 9 |
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| 304 | 304 | | |
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| 305 | 305 | | (1) The total amount paid for any ground rent, insurance, taxes, and any 10 |
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| 306 | 306 | | other periodic charge; 11 |
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| 307 | 307 | | |
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| 308 | 308 | | (2) The amount credited to principal and interest; and 12 |
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| 309 | 309 | | |
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| 310 | 310 | | (3) The balance due. 13 |
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| 311 | 311 | | |
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| 312 | 312 | | SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 14 |
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| 313 | 313 | | October 1, 2024. 15 |
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