Maryland Code, COMMERCIAL LAW 12-1027
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Terms Used In Maryland Code, COMMERCIAL LAW 12-1027
- Appraisal: A determination of property value.
- Grantor: The person who establishes a trust and places property into it.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(a) In this section, “lender’s inspection fee” means a fee imposed by a credit grantor to pay for a visual inspection of residential real property.
(b) Except as provided in subsection (c) of this section, a credit grantor may not impose a lender’s inspection fee in connection with a loan made to a consumer borrower that is secured by residential real property.
(c) A lender’s inspection fee may be imposed on a consumer borrower if the inspection is needed to ascertain completion of:
(1) Construction of a new home; or
(2) Repairs, alterations, or other work required by the credit grantor.
(d) This section does not apply to an appraisal of the value of real property by a credit grantor or to fees imposed in connection with an appraisal.