Maryland Code, REAL PROPERTY 14-711
Terms Used In Maryland Code, REAL PROPERTY 14-711
(b) (1) If the court orders an open-market sale and the parties, not later than 10 days after the entry of the order, agree on a real estate broker licensed in the State to offer the property for sale, the court shall appoint the broker and establish a reasonable commission.
(2) If the parties do not agree on a broker, the court shall appoint a disinterested real estate broker licensed in the State to offer the property for sale and shall establish a reasonable commission.
(3) A broker appointed under this subsection shall offer the property for sale in a commercially reasonable manner at a price not lower than the determination of value and on the terms and conditions established by the court.
(c) If the broker appointed under subsection (b) of this section obtains within a reasonable time an offer to purchase the property for at least the determination of value:
(1) The broker shall comply with the reporting requirements in § 14-712 of this subtitle; and
(2) The sale may be completed in accordance with State law other than this subtitle.
(d) If the broker appointed under subsection (b) of this section does not obtain within a reasonable time an offer to purchase the property for at least the determination of value, the court, after hearing, may:
(1) Approve the highest outstanding offer, if any;
(2) Redetermine the value of the property and order that the property continue to be offered for an additional time; or
(3) Order that the property be sold by sealed bids or at an auction.
(e) If the court orders a sale by sealed bids or an auction, the court shall set terms and conditions of the sale.
(f) If a purchaser is entitled to a share of the proceeds of the sale, the purchaser is also entitled to a credit against the price in an amount equal to the purchaser’s share of the proceeds.