Maryland Code, REAL PROPERTY 11-121
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Terms Used In Maryland Code, REAL PROPERTY 11-121
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
Any deposits taken in connection with the sale by a developer of units in a condominium intended for residential use shall be deposited or held in an escrow account as provided in § 10-301 of this article, unless a corporate surety bond is obtained and maintained as provided in § 10-301 of this article.