Maryland Code, REAL PROPERTY 10-708
Terms Used In Maryland Code, REAL PROPERTY 10-708
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- 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.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- 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.
(b) This section does not apply to:
(1) An instrument conveying a fee simple interest in real property that provides for consideration paid by the purchaser to the vendor for the interest being transferred;
(2) The payment of principal, interest, or fees under a mortgage loan agreement on the sale of property by the mortgagee;
(3) A limited liability company, limited liability partnership, corporation, joint venture, or partnership agreement in which a member, shareholder, or partner contributes real property to the limited liability company, limited liability partnership, corporation, joint venture, or partnership agreement;
(4) An agreement providing for a series of related transfers of a fee simple interest in real property if the agreement states the price of the transferred interest, any consideration exchanged, the name of the vendor, the name of the purchaser, and any other essential terms for each transfer of interest;
(5) An affordable housing covenant, servitude, easement, condition, or restriction in a deed, declaration, land sale contract, loan agreement, promissory note, trust deed, mortgage, security agreement, or other instrument, including instruments executed by:
(i) A public body;
(ii) An agency of the federal government;
(iii) A corporation whose purposes include providing affordable housing for low-income and moderate-income households;
(iv) A limited liability company with at least one member that is a corporation described under item (iii) of this paragraph;
(v) A consumer housing cooperative; or
(vi) A federally recognized Indian tribe;
(6) A fee required to be paid to:
(i) A homeowners association as defined in § 11B-101 of this article;
(ii) A council of unit owners as defined in § 11-101 of this article;
(iii) A managing entity of a timeshare plan as defined in § 11A-101 of this article;
(iv) Any other owners association that is governed by recorded covenants, conditions, and restrictions; or
(v) An agent for an association or managing entity described in this paragraph; or
(7) An agreement with a person licensed to provide real estate brokerage services under Title 17 of the Business Occupations and Professions Article to pay a commission to the licensee for the real estate brokerage services provided.
(c) (1) A person who conveys a fee simple interest in real property may not record a covenant against the title to the real property for the payment of a transfer fee.
(2) A covenant that requires the payment of a transfer fee on the conveyance of a fee simple interest in real property is void.