Section 17-524 - Notice of buyer's right of selection. - Maryland Statutes

§ 17-524. Notice of buyer's right of selection.
 

(a)  In general.- Each real estate contract submitted to a party by a real estate broker, an associate real estate broker, or a real estate salesperson for use in the sale of a single-family dwelling shall contain, in bold-faced type, a statement that the buyer has the right to select the buyer's own: 

(1) title insurance company; 

(2) settlement company; 

(3) escrow company; 

(4) mortgage lender, or financial institution as defined in the Financial Institutions Article; or 

(5) title lawyer. 

(b)  Offer of financing as a condition of settlement.- The statement required under subsection (a) of this section shall also contain, in bold-faced type, a statement that a seller may not be prohibited from offering owner financing as a condition of settlement. 

(c)  Effect of omission.- A real estate contract is not rendered invalid by the omission of the statement to the buyer required under subsections (a) and (b) of this section. 
 

[An. Code 1957, art. 56A, § 4-524; 1989, ch. 3, § 1; 1991, ch. 527; 1994, ch. 3, § 13.]