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S.B. 511 2007 Vetoed Bills and Messages
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(2) THIS SECTION DOES NOT APPLY TO THE SALE OF PROPERTY
IN AN ACTION TO FORECLOSE A MORTGAGE OR DEED OF TRUST.
(C) A PURCHASER HAS THE RIGHT TO RESCIND A CONTRACT FOR THE
SALE OF PROPERTY IF:
(1) THE PURCHASER IS GIVEN THE SELLER FAILS TO GIVE THE
PURCHASER, ON OR BEFORE ENTERING INTO THE CONTRACT FOR THE SALE OF
THE PROPERTY, OR WITHIN 20 CALENDAR DAYS AFTER ENTERING INTO THE
CONTRACT, A COPY OF ALL CONSERVATION EASEMENTS ENCUMBERING THE
PROPERTY; AND
(2) THE CONTRACT OF SALE CONTAINS FAILS TO CONTAIN A
STATEMENT IN CONSPICUOUS TYPE, IN A FORM SUBSTANTIALLY THE SAME AS
THE FOLLOWING:
"THIS PROPERTY IS ENCUMBERED BY ONE OR MORE
CONSERVATION EASEMENTS OR OTHER RESTRICTIONS LIMITING OR AFFECTING
USES OF THE PROPERTY AND OWNED BY THE MARYLAND ENVIRONMENTAL
TRUST, THE MARYLAND HISTORICAL TRUST, THE MARYLAND AGRICULTURAL
LAND PRESERVATION FOUNDATION, THE MARYLAND DEPARTMENT OF
NATURAL RESOURCES, OR A LAND TRUST (THE "CONSERVATION EASEMENTS").
MARYLAND LAW REQUIRES THAT THE SELLER DELIVER TO THE BUYER
PURCHASER COPIES OF ALL CONSERVATION EASEMENTS ON OR BEFORE THE
DAY THE CONTRACT IS ENTERED INTO, OR WITHIN 20 CALENDAR DAYS AFTER
ENTERING INTO THE CONTRACT. IF THE BUYER HAS NOT RECEIVED ALL
CONSERVATION EASEMENTS AT LEAST 5 CALENDAR DAYS BEFORE ENTERING
INTO THE CONTRACT, THE BUYER HAS 5 CALENDAR DAYS TO CANCEL THE
CONTRACT AFTER RECEIVING ALL OF THE CONSERVATION EASEMENTS. THE
BUYER MUST CANCEL THE CONTRACT IN WRITING. THE BUYER IS NOT
REQUIRED TO STATE A REASON FOR CANCELLATION. THE BUYER PURCHASER
SHOULD REVIEW ALL CONSERVATION EASEMENTS CAREFULLY TO ASCERTAIN
THE BUYER'S PURCHASER'S RIGHTS, RESPONSIBILITIES, AND OBLIGATIONS
UNDER EACH CONSERVATION EASEMENT, INCLUDING ANY REQUIREMENT THAT
AFTER THE TRANSFER SALE THE BUYER PURCHASER MUST INFORM THE OWNER
OF THE CONSERVATION EASEMENT OF THE TRANSFER SALE OF THE
PROPERTY.".
(C) (D) (1) WITHIN 30 CALENDAR DAYS AFTER A TRANSFER SALE
OF PROPERTY ENCUMBERED BY A CONSERVATIVE EASEMENT, THE PURCHASER
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- 4294 -
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