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ROBERT L. EHRLICH, JR., Governor
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Ch. 509
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(1) CONTAIN THE ENTIRE AGREEMENT OF THE PARTIES;
(2) BE PRINTED IN 12 POINT TYPE AND WRITTEN IN THE SAME
LANGUAGE THAT IS USED BY THE HOMEOWNER AND WAS USED IN DISCUSSIONS TO
DESCRIBE THE FORECLOSURE CONSULTANT'S OR FORECLOSURE PURCHASER'S
SERVICES OR TO NEGOTIATE THE TRANSFER OR SALE OF THE PROPERTY;
(3) BE DATED AND PERSONALLY SIGNED BY THE HOMEOWNER AND THE
FORECLOSURE PURCHASER AND WITNESSED AND ACKNOWLEDGED BY A NOTARY
PUBLIC APPOINTED AND COMMISSIONED BY THE STATE;
(4) DESCRIBE IN DETAIL THE TERMS OF ANY FORECLOSURE
CONVEYANCE INCLUDING:
(I) THE NAME, BUSINESS ADDRESS, TELEPHONE NUMBER, AND
FACSIMILE NUMBER OF THE PERSON TO WHOM THE DEED OR TITLE WILL BE
TRANSFERRED;
(II) THE ADDRESS OF THE RESIDENCE IN FORECLOSURE;
(III) THE TOTAL CONSIDERATION TO BE GIVEN BY THE
FORECLOSURE PURCHASER, THE FORECLOSURE CONSULTANT, AND ANY OTHER
PARTY AS A RESULT OF THE TRANSFER;
(IV) THE TIME AT WHICH TITLE IS TO BE TRANSFERRED TO THE
FORECLOSURE PURCHASER AND THE TERMS OF ANY CONVEYANCE;
(V) ANY FINANCIAL OR LEGAL OBLIGATIONS THAT THE
HOMEOWNER MAY REMAIN SUBJECT TO, INCLUDING A DESCRIPTION OF ANY
MORTGAGES, LIENS, OR OTHER OBLIGATIONS THAT WILL REMAIN IN PLACE;
(VI) A DESCRIPTION OF ANY SERVICES OF ANY NATURE THAT THE
FORECLOSURE PURCHASER WILL PERFORM FOR THE HOMEOWNER BEFORE OR
AFTER THE SALE OR TRANSFER;
(VII) A COMPLETE DESCRIPTION OF THE TERMS OF ANY RELATED
AGREEMENT DESIGNED TO ALLOW THE HOMEOWNER TO REMAIN IN THE HOME,
INCLUDING THE TERMS OF ANY RENTAL AGREEMENT, REPURCHASE AGREEMENT,
CONTRACT FOR DEED, LAND INSTALLMENT CONTRACT, OR OPTION TO BUY, AND ANY
PROVISIONS FOR EVICTION OR REMOVAL OF THE HOMEOWNER IN THE CASE OF
LATE PAYMENT; AND
(VIII) HOW ANY REPURCHASE PRICE OR FEE ASSOCIATED WITH ANY
TRANSFER OF TITLE OR DEED BACK TO THE HOMEOWNER WILL BE CALCULATED.
(5) CONTAIN THE FOLLOWING STATEMENT PRINTED IN AT LEAST 14
POINT BOLDFACE TYPE AND LOCATED IN IMMEDIATE PROXIMITY TO THE SPACE
RESERVED FOR THE HOMEOWNER'S SIGNATURE:
"IF YOU CHANGE YOUR MIND ABOUT TRANSFERRING OWNERSHIP OF YOUR
PROPERTY, YOU, THE HOMEOWNER, MAY RESCIND THE TRANSFER OF THE
DEED OR TITLE TO YOUR PROPERTY ANY TIME WITHIN THE NEXT 10 3 DAYS. AS
PART OF ANY RESCISSION, YOU MUST REPAY, WITHIN 60 DAYS, ANY MONEY
- 2999 -
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