Maryland Code, COMMERCIAL LAW 12-119
Terms Used In Maryland Code, COMMERCIAL LAW 12-119
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(b) Any lender that imposes fees on borrowers for settlement services, or document review services, performed by a lender-designated attorney, or who conditions settlement on the employment of a particular attorney or title insurance company under § 12-120(c) of this subtitle, shall provide a prospective borrower with a written notice stating:
(1) The lender’s requirements concerning selection of an attorney, title insurance company, or other person to perform settlement services relating to the purchase of the real property;
(2) The borrower’s ability to choose an attorney or title insurance company under § 12-120(c) of this subtitle; and
(3) A good faith estimate of the fee or fees to be charged to the borrower.
(c) If notice is required by this section:
(1) The notice shall be provided at the time of or within 3 days after the application for a loan, or earlier upon request; and
(2) A copy of the notice, signed by the applicant, shall accompany any executed application for a loan.