§ 8-812
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/md/real-property/8-812A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§8–812.
(a)This section does not apply to a:
(1)Home equity line of credit;
(2)Loan secured by an indemnity deed of trust; or
(3)Commercial loan.
(b)Before the settlement of a loan secured by a mortgage or deed of trust on residential real property improved by four or fewer single–family units that is subject to a redeemable ground rent, the settlement agent shall notify the borrower that:
(1)The borrower has the right to redeem the ground rent under § 8–804 of this subtitle;
(2)The redemption amount is fixed by law but may also be negotiated with the ground lease holder for a different amount;
(3)It may be possible to include the amount of the redemption in this loan;
(4)For information on redeeming the ground rent, the borrower should contact the ground lease holder; and
(5)For information on including the amount of the redemption in this loan, the borrower should contact the lender or credit grantor making this loan.