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2005 LAWS OF MARYLAND
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Ch. 509
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YOU MAY RESCIND THIS CONTRACT FOR THE SALE OF YOUR HOUSE WITHOUT
ANY PENALTY OR OBLIGATION AT ANY TIME WITHIN 10 DAYS AFTER THE
AUDITOR STATES THE ACCOUNT OF THE FORECLOSURE SALE. SEE THE
ATTACHED NOTICE OF RESCISSION FORM FOR AN EXPLANATION OF THIS
RIGHT. AS PART OF THE RESCISSION, YOU MUST REPAY FROM THE SURPLUS
PROCEEDS ANY CONSIDERATION RECEIVED, DIRECTLY OR INDIRECTLY,
TOGETHER WITH AN AMOUNT FOR INTEREST CALCULATED AT THE RATE OF 8%
A YEAR
THIS IS AN IMPORTANT LEGAL CONTRACT AND COULD RESULT IN THE LOSS OF
YOUR EQUITY IN YOUR HOME. CONTACT AN ATTORNEY BEFORE SIGNING.".
(C) (1) THE CONTRACT SHALL BE ACCOMPANIED BY A COMPLETED FORM IN
DUPLICATE, CAPTIONED "NOTICE OF RESCISSION".
(2) THE NOTICE OF RESCISSION SHALL:
(I) BE ON A SEPARATE SHEET OF PAPER ATTACHED TO THE
CONTRACT;
(II) BE EASILY DETACHABLE; AND
(III) CONTAIN THE FOLLOWING STATEMENT PRINTED IN AT LEAST
15 POINT TYPE:
"NOTICE OF RESCISSION
....................................(DATE OF CONTRACT)
YOU MAY RESCIND THIS CONTRACT FOR THE SALE OF YOUR HOUSE AT ANY
TIME WITHIN 10 DAYS AFTER THE AUDITOR STATES THE ACCOUNT OF THE
FORECLOSURE SALE.
TO CANCEL THIS TRANSACTION, MAIL OR DELIVER A SIGNED AND DATED COPY
OF THIS NOTICE OF RESCISSION TO ......................................... (NAME OF
PURCHASER) AT ............................................... (ADDRESS OF PURCHASER,
INCLUDING FACSIMILE AND ELECTRONIC MAIL) WITH A COPY TO THE COURT
APPOINTED AUDITOR
I HEREBY RESCIND THIS TRANSACTION.
....................(DATE)
.............................(HOMEOWNER'S SIGNATURE).".
(D) THE FORECLOSURE SURPLUS PURCHASER SHALL PROVIDE THE
HOMEOWNER WITH A COPY OF THE CONTRACT AND THE ATTACHED NOTICE OF
RESCISSION AT THE TIME THE CONTRACT IS EXECUTED BY ALL PARTIES.
(E) THE CONTRACT REQUIRED BY THIS SECTION SURVIVES DELIVERY OF ANY
INSTRUMENT OF CONVEYANCE OF THE RESIDENCE IN FORECLOSURE, IS BINDING IN
THE AUDIT, AND HAS NO EFFECT ON PERSONS OTHER THAN THE PARTIES TO THE
CONTRACT.
- 3006 -
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