Maryland Code, REAL PROPERTY 10-501
Terms Used In Maryland Code, REAL PROPERTY 10-501
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- 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
(b) “Buyer” means any person who seeks or enters into a contract for the construction of a custom home.
(c) “Custom home” means a single-family dwelling constructed for the buyer’s residence on land currently or previously owned by the buyer.
(d) “Custom home builder” means any person who seeks, enters into, or performs custom home contracts.
(e) “Custom home contract” means any contract entered into with the buyer, with a value equal to or greater than $20,000, to furnish labor and material in connection with the construction, erection, or completion of a custom home. A custom home contract does not mean an agreement for work to be done by a licensed home improvement contractor and subject to the provisions of Maryland Home Improvement Law.
(f) “Deposit” means any sum paid to a custom home builder at the time of the execution of a custom home contract.
(g) “Draw schedule” means a form that sets forth with particularity the sum to which the custom home builder shall be entitled as progress payment on the custom home contract after certain specified items of work have been completed on the custom home.
(h) “Person” includes an individual, corporation, business trust, statutory trust, estate, partnership, association, 2 or more persons having a joint or common interest, or any other legal or commercial entity.