§ 10-107
87 words·~1 min read·
/md/real-property/10-107A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§10–107.
(a)Every vendor under a land installment contract shall mail or deliver a statement to the purchaser:
(1)When 40 percent of the original cash price has been paid; and
(i)Annually within 30 days of January 1; or
(ii)On demand of the purchaser no more than twice a year.
(b)The statement shall show:
(1)The total amount paid for any ground rent, insurance, taxes, and any other periodic charge;
(2)The amount credited to principal and interest; and
(3)The balance due.