Maryland Code, CORPORATIONS AND ASSOCIATIONS 5-6B-11
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Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 5-6B-11
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Deposits taken in connection with the sale by a developer of cooperative interests with respect to units intended for residential use shall be deposited or held in an escrow account in the same manner as provided in § 10-301 of the Real Property Article in the case of sales of new, uncompleted single family units, unless a corporate surety bond is obtained and maintained as provided in § 10-301 of the Real Property Article.