Ch. 504

LAWS OF MARYLAND

(B)  "CLOSING COSTS" "SETTLEMENT EXPENSES" MEANS MONEY THAT

MUST BE PAID AT THE TIME OF THE PURCHASE OF REAL ESTATE
INCLUDING:

(1)  FEES OR PREMIUMS FOR TITLE EXAMINATION, TITLE
INSURANCE, OR SIMILAR EXPENSES;

(2)  FEES FOR PREPARATION OF A DEED, SETTLEMENT
STATEMENT, OR OTHER DOCUMENTS;

(3)  PAYMENTS OWNED OWED AT THE TIME OF SETTLEMENT FOR
PROPERTY TAXES OR HAZARD INSURANCE COVERAGE;

(4)  ESCROWS FOR FUTURE PAYMENTS OF TAXES AND HAZARD
INSURANCE;

(5)  FEES FOR NOTARIZING DEEDS AND OTHER DOCUMENTS;

(6)  APPRAISAL FEES;

(7)  FEES FOR CREDIT REPORTS;

(8)  TRANSFER AND RECORDATION TAXES AND FEES;

(9)  FEES OR PREMIUMS FOR MORTGAGE INSURANCE;

(10)  LOAN DISCOUNT POINTS AND ORIGINATION FEES; AND

(11)  DOWN PAYMENTS.

(C)  "ELIGIBLE HOMEBUYER" MEANS A PERSON:

(1)  WHOSE PERSONAL OR FAMILY INCOME DOES NOT EXCEED
UPPER INCOME LIMITS ESTABLISHED BY THE SECRETARY; AND

(2)  (I) WHO HAS NOT OWNED A PERSONAL RESIDENCE OR
OTHER RESIDENTIAL REAL PROPERTY WITHIN THE PRECEDING 3 YEARS; OR

(II) WHO MAY HAVE OWNED PROPERTY IN JOINT
TENANCY DURING THE PRECEDING 3 YEARS, BUT WHOSE PERSONAL
CIRCUMSTANCES HAVE RESULTED IN A NEED TO PURCHASE A PERSONAL
RESIDENCE WITHOUT THE FORMER JOINT TENANT.

(D)  "FUND" MEANS THE CLOSING COSTS ASSISTANCE SETTLEMENT

EXPENSE LOAN FUND.

(E)  "LOAN" MEANS A LOAN OF MONEY MADE BY THE DEPARTMENT

UNDER THIS SUBTITLE.

(F)  "PERSONAL CIRCUMSTANCES" MEANS:

(1) THE SEPARATION OR DIVORCE OF THE JOINT TENANTS;
OR

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