Maryland Code, REAL PROPERTY 3-102
Terms Used In Maryland Code, REAL PROPERTY 3-102
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- including: means includes or including by way of illustration and not by way of limitation. See
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(2) The following instruments also may be recorded:
(i) Any notice of deferred property footage assessment for street construction;
(ii) Any boundary survey plat signed and sealed by a professional land surveyor or property line surveyor licensed in the State;
(iii) Any assumption agreement by which a person agrees to assume the liability of a debt or other obligation secured by a mortgage or deed of trust;
(iv) Any release of personal liability of a borrower or guarantor under a mortgage or under a note or other obligation secured by a deed of trust;
(v) A ground rent redemption certificate or a ground rent extinguishment certificate issued under § 8-110 of this article;
(vi) An affordable housing land trust agreement executed under Title 14, Subtitle 5 of this article with any transfer of property for which an affordable housing land trust has a reversionary interest; or
(vii) A restrictive covenant modification executed under § 3-112 of this subtitle.
(3) The recording of any instrument constitutes constructive notice from the date of recording.
(b) This section may not be construed to authorize the recording of a subdivision plat without any prior review and approval otherwise required by law.