MARVIN MANDEL, Governor                                    373

for organizational purposes. In subsection
(a) the present reference to "instrument in
writing" is proposed for deletion and
"contract" is substituted to maintain
consistency with subsequent sections.

In subsection (b), the present reference to
"agreements and the instruments" is proposed
for deletion as ambiguous and "contract" is
substituted. In subsection (b) new language
is added in the second sentence so that it is
consistent with the first sentence. In
subsection (f), the present reference to
"city" is proposed for deletion in light of
the definition of "county" in §1—101(b).

Subsection (f) is unclear to the extent that
it fails to indicate whether the purchaser has
a perpetual right to cancel and receive a
refund or whether this right expires at some
time, e.g. when the vendor records the
contract. The Commission recommends that the
General Assembly consider enacting separate
legislation to remedy this ambiguity.

The only other changes are in style.

10-103. CONTENTS OF CONTRACT; APPLICATION OF PAYMENTS;
PAYMENTS AND MORTGAGE WHEN LAND SOLD.

(A) CONTENTS OF CONTRACT.

EVERY LAND INSTALLMENT CONTRACT SHALL CONTAIN ALL
THE FOLLOWING INFORMATION:

(1)     THE FULL NAME, THE PLACE OF RESIDENCE,
AND POST-OFFICE ADDRESS OF EVERY PARTY TO THE CONTRACT;

(2)  THE DATE WHEN SIGNED BY THE PURCHASER;

(3)   A LEGAL DESCRIPTION OF THE PROPERTY
COVERED BY THE CONTRACT;

(4) A DISCLOSURE, WITH RESPECT TO THE SIX
MONTH PERIOD PRIOR TO THE DATE OF PURCHASE, OF EVERY
TRANSFER OF TITLE TO THE PROPERTY, THE SALE PRICE OF EACH
TRANSFER, AND THE SUBSTANTIATED COST TO THE VENDOR OF
REPAIRS OR IMPROVEMENTS;

(5)  A PROVISION THAT THE VENDEE HAS THE RIGHT
TO ACCELERATE ANY INSTALLMENT PAYMENT;

(6)    PROVISIONS STATING CLEARLY (i) ANY
COLLATERAL SECURITY TAKEN FOR THE PURCHASER'S OBLIGATION