Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 7-307
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 7-307
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
The person responsible for the closing of a real estate transaction shall file with the Department a written statement, made and signed by the owner under the penalties of perjury, that the transaction complies with this title, if the transaction includes:
(1) a sale or conveyance of an assisted project or the real property associated with it, and:
(i) is a protected action; or
(ii) occurred within 10 years after a protected action for which the owner failed to comply with this title; or
(2) a release of:
(i) a mortgage secured by an assisted project; or
(ii) a regulatory agreement or other document executed in connection with the mortgage that restricts the income levels of the tenants or the rental rates of the assisted project.