Marvin Mandel, Governor                       1067

(a)    "Land installment contract" means a legally binding execu-
tory agreement under which (1) the vendor agrees to sell an interest
in property to the vendee and the vendee agrees to pay the purchase
price in five or more subsequent payments exclusive of any down
payment, and (2) the vendor retains title as security for the vendee's
obligation.

(b)    "Down payment" means the payment made by the vendee to
the vendor on account of the purchase price at or before the time of
the execution of a land installment contract. This subtitle shall,
however, apply to land installment contracts whether or not a down
payment is made.

(c)    "Property" means either improved fee simple property or
improved chattels, real, occupied or to be occupied by the vendee as a
dwelling where the purchase price does not exceed twenty-five thou-
sand dollars ($25,000.00).

(d)    "Vendor" means any individual, partnership, corporation,
association, trust, joint stock company and any other group of
individuals however organized making a sale of property by means
of a land installment contract.

(e)    "Vendee" means the person (other than a corporation)
who purchases property subject to a land installment contract, or
any legal successor (other than a corporation) in interest to such
person, and shall continue to designate such person notwithstanding
he may have entered into one or more agreements as to extension,
default or refund.

10-102. Form and delivery of land installment contracts.

(a)    Signed writing by all parties containing terms of agree-
ment necessary.—Every land installment contract shall be evidenced
by an instrument in writing signed by all of the parties thereto
containing all of the terms to which they have agreed.

(b)    Vendor to give copy of instrument and vendee to give re-
ceipt therefor.—At or before the time the vendee signs the instru-
ment, the vendor shall deliver to him an exact copy of it and the
vendee shall give the vendor a receipt showing that he has received
the copy of the instrument. If such copy was not executed by the
vendor, then unless the vendor within fifteen (15) days after notice
that the vendee has signed, delivers to him a copy of the instru-
ment signed by the vendor, the agreement and the instruments
signed by the vendee shall be voidable at the option of the vendee
and the vendor shall immediately upon demand refund to the vendee
all payments and deposits theretofore made.

The receipt for the delivery of a copy of an instrument shall be
printed in 12-point bold type or larger, typewritten or written in
legible handwriting, and, if contained in the contract shall be printed,
typewritten or written immediately below the signature to the con-
tract and shall be independently signed.

(c)    Right of vendee to cancel and receive refund until copy of
instrument is given him.—Until the vendee signs a land install-
ment contract and receives a copy of it, signed by the vendor the ven-
dee has an unconditional right to cancel the contract and to receive
immediate refund of all payments and deposits made on account of or
in contemplation of the contract. A request for such refund shall
operate to cancel contract; or