Ch. 729

1997 LAWS OF MARYLAND

charges for the water and sewer project that benefits the property or if a local jurisdiction
has adopted a plan to benefit the property in the future, the contract of sale shall disclose
that fact.

(c) Violation of subsection (b) of this section entitles the initial purchaser to
recover from the seller:

(1) Two times the amount of deferred charges the purchaser would be
obligated to pay during the 5 years of payments following the sale;

(2) No amount greater than actually paid thereafter; and

(3) Any deposit moneys actually paid by the purchaser that were lost as a
result of violation of subsection (b) of this section.

(d) 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
(e) 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 STATE OR local
law, the cost of any recordation tax or any State or local transfer tax shall be shared
equally between the buyer and seller."

(e) The statement required under subsection (d) of this section shall be printed in
conspicuous type or handwritten in the contract or an addendum to the contract.

(f) A contract of sale shall also comply with the following provisions, if
applicable:

(1) Section 17-405 of the Business Occupations and Professions Article
(notice of purchaser's protection by Real Estate Guaranty Fund in an amount not to
exceed $25,000);

(2) Section 17-504 of the Business Occupations and Professions Article
(notice by real estate broker pertaining to deposit in noninterest bearing account);

(3) Section 17-523 of the Business Occupations and Professions Article
(notice by real estate broker about recordation and transfer taxes);

(4) Section 17-524 of the Business Occupations and Professions Article
(notice of purchaser's right to select title company, SETTLEMENT COMPANY, ESCROW
COMPANY, MORTGAGE LENDER, OR FINANCIAL INSTITUTION);

(5) SECTION 8A-605 OF THIS ARTICLE (NOTICE OF PARK RULES TO BE
GIVEN TO BUYER PERTAINING TO SALES OF MOBILE HOMES);

(6) SECTION 10-103 OF THIS ARTICLE (NOTICES AND DISCLOSURES
PERTAINING TO LAND INSTALLMENT CONTRACTS);

(7) SECTIONS 10-301 AND 10-306 OF THIS ARTICLE (REQUIREMENTS AND
DISCLOSURES PERTAINING TO DEPOSITS ON NEW HOMES);

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