Ch. 505

LAWS OF MARYLAND

(D) A PREPRINTED SALES CONTRACT FOUND TO BE IN VIOLATION OF
THE REGULATIONS ADOPTED UNDER THIS SECTION MAY BE RESCINDED.

(1) BY THE PURCHASING PARTY, WHO SHALL BE ENTITLED TO
THE RETURN OF ANY EARNEST MONEY DEPOSIT PLUS INTEREST EARNED ON
THE MONEY; OR

(2) BY THE SELLING PARTY WITHOUT OBLIGATING THE
SELLER TO PAY ANY FEE OTHERWISE DUE THE LICENSEE UNDER A REAL
ESTATE LISTING AGREEMENT.

Article 56A - Miscellaneous Business Occupations

4-523.

(A) EACH REAL ESTATE CONTRACT SUBMITTED TO A PARTY BY A
REAL ESTATE BROKER, AN ASSOCIATE REAL ESTATE BROKER, OR A REAL
ESTATE SALESPERSON FOR USE IN THE SALE OF RESIDENTIAL PROPERTY
USED AS A DWELLING PLACE FOR ONE OR TWO SINGLE-FAMILY UNITS SHALL
CONTAIN, IN THE MANNER PROVIDED UNDER SUBSECTION (B) OF THIS
SECTION, THE FOLLOWING STATEMENT, AS REQUIRED BY § 14-120 OF THE
REAL PROPERTY ARTICLE:

"SECTION 14-104 OF THE REAL PROPERTY ARTICLE OF THE
ANNOTATED CODE OF MARYLAND PROVIDES THAT, UNLESS
OTHERWISE NEGOTIATED IN THE CONTRACT OR PROVIDED BY
LOCAL LAW, THE COST OF ANY RECORDATION TAX OR ANY
STATE OR LOCAL TRANSFER TAX SHALL BE SHARED EQUALLY
BETWEEN THE BUYER AND SELLER."

(B) THE STATEMENT REQUIRED UNDER SUBSECTION (A) OF THIS
SECTION SHALL BE PRINTED IN CONSPICUOUS TYPE OR HANDWRITTEN IN
THE CONTRACT OR AN ADDENDUM TO THE CONTRACT.

(C) A REAL ESTATE CONTRACT SHALL NOT BE RENDERED INVALID BY
THE OMISSION OF THE STATEMENT TO THE BUYER REQUIRED UNDER
SUBSECTION (A) OF THIS SECTION.

SECTION 2 3. AND BE IT FURTHER ENACTED, That the Laws of
Maryland read as follows:

Article 56A - Miscellaneous Business Occupations

4-208.1.

(A)(1) IN THIS SECTION AND IN § 4-208.2 OF THIS TITLE, THE
FOLLOWING WORDS HAVE THE MEANINGS INDICATED.

(2) "STATEMENT OF NEGOTIABLE SETTLEMENT EXPENSES"
MEANS A WRITTEN INFORMATIONAL STATEMENT ADDRESSING WHICH ITEMS OF
EXPENSE ARE NEGOTIABLE BETWEEN THE PARTIES TO THE REAL ESTATE
TRANSACTION.

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