Maryland Code, REAL PROPERTY 14-301
Terms Used In Maryland Code, REAL PROPERTY 14-301
- 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.
- including: means includes or including by way of illustration and not by way of limitation. See
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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.
(b) “Broker” means:
(1) An individual licensed as, or otherwise authorized to act as, a real estate broker under Title 17 of the Business Occupations and Professions Article; or
(2) A corporation or partnership authorized to provide real estate brokerage services under Title 17 of the Business Occupations and Professions Article.
(c) “Broker’s lien” means a lien established in accordance with this subtitle.
(d) “Claimant” means a broker claiming a broker’s lien under this subtitle.
(e) “Commercial lease” means a lease of building floor space intended to be used by the tenant for a nonresidential use whether or not the lease expressly sets forth a use.
(f) (1) “Commercial leasing brokerage agreement” or “brokerage agreement” means a written agreement between a broker and the owner of commercial property that provides for the payment of a commercial leasing commission by the owner to the broker for services in obtaining a commercial tenant regardless as to whether the broker acted as the agent for the owner or the commercial tenant.
(2) “Commercial leasing brokerage agreement” or “brokerage agreement” includes a written unilateral offer from an owner of commercial property to one or more brokers, including the broker claiming a lien under this subtitle.
(g) “Commercial leasing commission” or “commission” means the compensation payable by the owner of commercial property to a broker for obtaining a commercial tenant under a commercial leasing brokerage agreement.
(h) “Commercial property” means land, and any improvements on the land, used or intended to be used for a nonresidential purpose.
(i) “Commercial tenant” means a tenant under a commercial lease.
(j) “Lien property” means the commercial property against which a broker’s lien is claimed or against which a broker’s lien has attached under this subtitle.
(k) “Owner” means the owner of the commercial property.