Maryland Code, REAL PROPERTY 11A-123
Terms Used In Maryland Code, REAL PROPERTY 11A-123
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(1) A gratuitous disposition;
(2) A disposition pursuant to court order;
(3) A disposition by a government or governmental agency;
(4) A disposition by foreclosure or deed in lieu of foreclosure or by enforcement of a lien or security interest;
(5) A disposition that may be canceled at any time and for any reason by the purchaser without penalty;
(6) A disposition of a time-share in a unit situated wholly outside this State pursuant to a contract executed and negotiated wholly outside this State; or
(7) A disposition of a time-share project or all time-shares therein to one purchaser.