Maryland Code, REAL PROPERTY 12-202
Terms Used In Maryland Code, REAL PROPERTY 12-202
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- including: means includes or including by way of illustration and not by way of limitation. See
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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.
(2) (i) The displacing agency may exceed the monetary limit stated in paragraph (1) of this subsection on a case-by-case basis if it determines that comparable housing cannot otherwise be made available within the limit; or
(ii) The displacing agency may use any other measures necessary to remedy the unavailability of comparable housing.
(b) The additional payments shall include the following elements:
(1) Any amount which when added to the acquisition cost of the dwelling acquired by the displacing agency, equals the reasonable cost of a comparable replacement dwelling as defined in § 12-201(d) of this subtitle.
(2) Any amount which will compensate the displaced person for any increased interest costs and other debt service costs which the person is required to pay for financing the acquisition of any comparable replacement dwelling. The amount shall be paid only if the dwelling acquired by the displacing agency was encumbered by a bona fide mortgage which was a valid lien on the dwelling for not less than 180 days prior to the initiation of negotiations for the acquisition of the dwelling. The method of calculation shall be determined by the lead agency.
(3) Reasonable expenses incurred by the displaced person for evidence of title, recording fees, and other closing costs incident to the purchase of the replacement dwelling, but not including prepaid expenses.