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Martin O'Malley, Governor
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H.B. 172
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Senate Bill 106, which was passed by the General Assembly and signed by me,
accomplishes the same purpose. Therefore, it is not necessary for me to sign House
Bill 172.
Sincerely,
Martin O'Malley
Governor
House Bill 172
AN ACT concerning
Real Property - Ground Rents - Prohibition on Creation of Ground Rent
Leases for Reversionary Interests in Residential Property
FOR the purpose of prohibiting, on or after a certain date, the creation of a lease or
sublease of a certain term and subject to the payment of a certain ground rent
for certain residential property owner of a fee simple or leasehold estate in
certain residential property from creating a reversionary interest in the
property under a ground lease or a ground sublease under certain
circumstances; providing for the application of this Act; making this Act an
emergency measure; and generally relating to ground rent leases for residential
property.
BY adding to
Article - Real Property
Section 8-111.2
Annotated Code of Maryland
(2003 Replacement Volume and 2006 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Real Property
8-111.2.
ON OR AFTER JANUARY 22, 2007, A LEASE OR SUBLEASE FOR
SINGLE FAMILY RESIDENTIAL PROPERTY IMPROVED BY FOUR OR FEWER
SINGLE FAMILY UNITS THAT HAS AN INITIAL TERM OF 99 YEARS RENEWABLE
FOREVER AND THAT CREATES A LEASEHOLD ESTATE OR SUBLEASEHOLD
ESTATE SUBJECT TO THE PAYMENT OF AN ANNUAL GROUND RENT, MAY NOT BE
CREATED THE OWNER OF A FEE SIMPLE OR LEASEHOLD ESTATE IN
RESIDENTIAL PROPERTY THAT IS USED, INTENDED TO BE USED, OR
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