§ 14-711
368 words·~2 min read·
/md/real-property/14-711A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§14–711.
(a)If the court orders a sale of property, the sale shall be an open–market sale unless the court finds that a sale by sealed bids or an auction would be more economically advantageous and in the best interest of the cotenants as a group.
(1)If the court orders an open–market sale and the parties, not later than 10 days after the entry of the order, agree on a real estate broker licensed in the State to offer the property for sale, the court shall appoint the broker and establish a reasonable commission.
(2)If the parties do not agree on a broker, the court shall appoint a disinterested real estate broker licensed in the State to offer the property for sale and shall establish a reasonable commission.
(3)A broker appointed under this subsection shall offer the property for sale in a commercially reasonable manner at a price not lower than the determination of value and on the terms and conditions established by the court.
(c)If the broker appointed under subsection
(b)of this section obtains within a reasonable time an offer to purchase the property for at least the determination of value:
(1)The broker shall comply with the reporting requirements in § 14–712 of this subtitle; and
(2)The sale may be completed in accordance with State law other than this subtitle.
(d)If the broker appointed under subsection
(b)of this section does not obtain within a reasonable time an offer to purchase the property for at least the determination of value, the court, after hearing, may:
(1)Approve the highest outstanding offer, if any;
(2)Redetermine the value of the property and order that the property continue to be offered for an additional time; or
(3)Order that the property be sold by sealed bids or at an auction.
(e)If the court orders a sale by sealed bids or an auction, the court shall set terms and conditions of the sale.
(f)If a purchaser is entitled to a share of the proceeds of the sale, the purchaser is also entitled to a credit against the price in an amount equal to the purchaser’s share of the proceeds.