WILLIAM DONALD SCHAEFER, Governor Ch. 505

CONTRACT BY COMPLETING, BY HAND, AN ENUMERATION OF EACH

DESIGNATED SETTLEMENT EXPENSE ITEM AND THE PERCENTAGE OF THE COST
OF EACH ITEM TO BE PAID BY THE RESPECTIVE PARTIES.

(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THE REGULATIONS ADOPTED UNDER THIS SECTION MAY BE RESCINDED: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 - Real Property

14-120.

(A) A CONTRACT 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:

"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 3 4. AND BE IT FURTHER ENACTED, That if Chapter

____ (S.B. 201) of the Acts of the General Assembly of 1988 is

enacted, then Section 2 of this Act shall take effect on July 1,
1988 and Section 1 shall be null and void without the necessity

of further action by the General Assembly. If Chapter ___ (S.B.

201 of the Acts of the General Assembly of 1988 fails of
enactment, then Section 1 of this Act shall take effect July 1,
1988 and Section 2 of this Act shall be null and void without the
necessity of further action by the General Assembly does not take
effect, the publishers of the Annotated Code of Maryland, the
Michie Company, in consultation with the Director of the
Department of Legislative Reference, shall take the steps

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