Maryland Insurance Law, Rules, & Regulations

Question 1

What is the purpose of a Maryland intake sheet

Answer 1

to expedite recording of land instruments and provide uniformity to the process statewide

Question 2

A completed intake sheet must accompany

Answer 2

most land instruments submitted for recordation

Question 3

The use of the intake sheet does not apply to

Answer 3

releases, assignments, powers of attorney, financing statements and substitute trustee deeds

Question 4

What is page two of the intake sheet used for and what is it called?

Answer 4

page two of the intake sheet is the addendum

it is used when there are more than two documents that need to be recorded

Question 5

When submitting an intake sheet it must be

Answer 5

printed or typed legibly in black ink only. Four copies of the intake sheet are required to be submitted with any recording

Question 6

By law tax must be

Answer 6

withheld from the total payment on any sale of Maryland real property sold by a nonresident

Question 7

Nonresident individuals are required to pay

Answer 7

8% of total property sale payment made to the individual. A non resident entity that is formed under the laws of another state or is not qualified or registered with SDAT must pay 8.25%

Question 8

If a buyer is a first-time homebuyer, the transfer tax rate

Answer 8

is reduced to .25% and is only paid by the seller of the property unless contract terms require otherwise. Buyer pays nothing.