MD RE from book Flashcards
Inactive Licenses expire after
4 years
Three types of MD RE licenses
Broker
Assoc Broker
Sales person
Powers of an Associate Broker licensee
No more than salesperson; must affiliate with a broker too.
Who are exempt from brokers act, but still my comply when selling property?(5)
1-Lender in foreclosures, etc.,
2-lawyers do don’t advertise or regularly sell,
3-home builders in initial sale or rental;
4-people selling businesses w/no real estate, 5-owners who subdivide land into more than 6 lots in a year (exempt however if they/family owned it more than 10 years)
How often does commission meet and what constitutes a quorum? who may attend?
One a month and majority of members; open to public
How many days notice does a member of pubic need to provide to present before the commission?
10
What is the role of the commission Exec Dir.
Not a commission member
Is an employee of state and appointed by Secretary
Attends and participates in mtgs
Directs day to day commission stuff and staff
Penalties for doing real estate agency without a license as charged by commission
1st: $5K
2nd: $15k
3rd: $25K
Max amount Commission can award from Guarantee Fund
25K
Hours of PL Ed for brokers
Reciprocity and other waiver requirements?
135
Out of state brokers with 3 years out of last 5 being active can waive educational requirements.
Lawyers ed req waived
Experience Req for MD Broker License
3 years active
135 PL educ. and pass exam of course.
CE Requirements for MD Salesperson (in state agent)
15 hours every 2 years. 3 in legal updates; ethics and agency and 1.5 fair housing, rest electives
Brokers and team leaders also 3 hrs broker supervision every other term
Continuing Education for lawyers and those with advanced degrees in real estate field.
7.5 hours: 3 legal updates; 3 ethics, 1.5 fair housing; plus agency every 4 years.
When do in active licenses expire and how do you renew?
renew fee?
They expire in 3 years, but you can renew without test in year four if you do CE.
reactivate fee is $150
How long can family run a brokerage if broker dies?
six months to close and terminate; but can take over if someone in family qualifies to become a broker. Must have 3 years sales exper. immediately preceding yeas and pass test. Then has four years to complete 135 hours of education req.
Number of days notice commision provides to accused licneses of violations:
10 days personally served or certified mail.
Fee charged to licensee for Guarantee fund
and
Min level of fund
Max claims against fund
$20
$250k
$25k
Is blockbusting a felony or misdemeanor?
misdemeanor
Practicing real estate without a license in MD is a…
misdemeanor
Standard RE broker licenses are held only by …
Individuals
NOT companies or other entities
Max penalty for false statements to commission regarding guarantee fund claims
Misdemeanor and fine 5k according to other book
Who appoints members to the commission?
Governor
Who appoints Executive Director of the Commission
State Sec of Labor
Who sets licensing fee amounts?
commission
Where do MD RE license fees go?
To the State Real Estate Commission Fund (used to run the commission).
Can individuals be dual agents in MD
Nope. Must have broker and two intra-company agents. Broker cannot dot it either. Must apt two individuals within brokerage.
When must a licensee representing a seller disclose that to a buyer or buyer agent?
No later than first scheduled face to face meeting.
REALOR ethics say at first contact.
How an when should be be revealed that a buyer has presumed buyer agency representation?
Orally a the first interview between agent and buyer/prospect.
What is a cooperating agent
A subagent to the seller. They cannot represent buyers at all.
When do you use the Understand who agents represent form?
When you are a listing agent, you must have it signed by buyer and vice versa (i think)
Present it at first scheduled face to face meeting
What is the max amount of ownership a salesperson or Assc. Broker (and family) may have in a brokerage?
50 percent
Can a broker be a team member?
No
Qualifications for team leaders
3 years sales experience or assoc broker license
Duties of team leaders
provide list of team members to broker
supervise team members
Can team members work with dual agency
Yes. Broker will appoint each member as intracompany agents.
Real estate agency LLC members must all be
Licensees
How many days does broker have to deposit earnest money?
7 business days
When do brokers need to comply with Amer Disabilities act
When they have 15 plus agents working at least 20 hours a week.
How many years must licensees keep records
5
Days notice to commission when broker changes office locations
Failure to notify does what?
10 days in writing
automatic suspen if fails to notify
Branch office managers must be what with how many years experience?
Sales persons or assoc brokers with 3 plus years experience.
Fee for each branch office certificate to be displayed by broker
$25
Fine for calling “do not call” in MD
$11k
MD do not fax penalty
$1,000 per violation
Notice broker must provide to commission before changing escrow bank
10 days
Approved banks for MD escrow accounts
MD banks that are: FDIC or National credit union admin insured or MD DIFC insured or MD credit union insured.
What must be included in advertisements by brokers
The name the broker designated and registered with Commission (this need not be the individual’s legal name)
When do sellers fill out disclosure/disclaimer statement?
At time of listing.
What must sellers always disclose?
Latent defects
When disclosing items, what must sellers fill out?
Entire portion of disclosure form.
What is the effect of choosing to disclose on the discloser/disclaimer form?
Buyers may not rescind contract for any items in the form
What happens if buyers do not get disclosure form before contract ratification?
Buyer can rescind the earliest of:
5 days after the get the form
until the apply for a loan
until settlement/occupancy
When must seller agent present “Understanding Whom Real Estate Agents Represent form?
During listing interview
Who may use listing form produced by a mls?
Any member of that MLS. These are copyrighted and provided for members only.
Years to achieve an easement by adverse possession in MD
20
Squatters rights in MD
Don’t exist. Squatters are simply trespassers. Innocent purchasers may gain easement by adverse possession.
Title in land in MD goes how far along water ways
To the high water mark. Piers, docks going beyond it may be property of owner but the land under it beyond high water mark is not.
Which gov agency can purchase easement and restrict land to agricultural use?
Where do they get the money?
MD Agricultural Land Preservation Foundation
Fines on developers who “over develop” agricultural lands
Unless deed says otherwise, when two or more people get real estate it creates …
Tenancy in common, except married … That’s tenancy in entirety.
To change a condo declaration it takes how many members to vote yes?
80 percent of unit owners.
Number of days initial condo buyer has for recision of contract
15 after getting condo docs
Number of days notice to renters of condo conversion and no days such renter must provide before leaving
180 to renter
30 from renter
When must council be set up for new condo?
60 days after 50 percent of units are sold (percent may be lower if declaration or Bylaws demand it)
Percent of owners necessary to change Bylaws
Percent to change rules
Bylaws 2/3 unless Bylaws demand higher %
Simple majority for rules
Condo resale time to furnish condo docs and time to review
Furnish at least 15 days B4 closing
7 days to review
Notice to renters b4 conversion to timeshare
120
Recision period for initial time share purchases
10 days following the latest of
- contract date
- day got last POS doc
- ready for occupancy or Dev get payment and performance bond and files it w/commission
In Resale of condo buyer has how many days to rescind after getting resale certificate?
7 days
Implied warrantee from developer on time share is how long?
3 years
Co-op owners get …
Proprietary lease to a unit
Time frame for reviewing HOA docs in md
Varies by no of lots and whether original or resale
Type of ownership not recognized in md
Community property
Where must developers register conversion of rentals to condos?
Secretary of State
A dispute between condo board of directors and council of unit owners is mediated by …
Attny general
System of property descriptions not used in MD
Rectangular system
Types of surveys that may be ordered in md on survey election form
Boundary– going out and identifying boundary lines, uses monuments, etc. this is kind u need to build fence.
Location drawing.–plat, less expensive but ok for reg sale of property
Number of days to appeal tax assessment in MD
45 after assessment, which happens every 3 years
What is phase in Provision regarding taxes
Assessed every 3 years and increased value is phased in 1/3 each year there after.
Tax bill and due dates
July 1 due sept 30
And
Jan 1 due Jan 31
Homestead tax credit program
Designed to protect against rapid inflation. Provides tax credits to home owners if home prices rise above a percentage set by the legislature.
Home Property Tax Credit Program
Provides tax relief based on financial need. Must apply every year.
Property Tax Defferal
Allows 65 or older to defer tax until next sale. Puts lien on house until paid.
Other tax relief provisions
Unsold and unrented rehabbed property may get tax credit.
Special tax credits for some elderly, vets, disabled
Who pays transfer tax?
Split between buyer and seller unless agreement says otherwise.
First time home buyer does not have to pay his share (rate is cut in half, so seller pays his half.
First time buyer also exempt from local xfer tax
Transfertaxes on agricultural land
Is 3 -5 % (depends on track size plus other things) and fund state Agricultural Land Preservation Program.
Waived if agree to keep land agricultural for 5 tax years.
Tax rate on late property taxes
Ranges 6 to 24 percent depending on locality
Period of redemption on tax sale of properties.
6 mos. wait for buyers, during which owners may pay up and get back. Buyer apply for deed after 6 months and up to two years
What qualifies for mechanics lien in MD?
When file and enforce?
Work completed that increases property value by 15 percent or more.
Contracter Has 6 mos. to file and one to petition courts to enforce.
Parol interest in property conveys …
It’s oral transfer of property and it only conveys tenancy at will with 30 days notice needed to vacate.
All legally enforceable contracts transferring interest in property for more than one year must be …
In writing.
Leases for one year or less may be done …
Orally.
But MD realtor assn requires members to put all in writing when doing rentals
Statute of limitations on contracts in MD
3 years unless it includes seal and phrase “2
Witness my seal”, which creates 12 year term
Who may draw up real estate contracts in MD?
Only attorneys
Others may be fined $5000 for practicing law without licence.
Deferred water sewer charges must be …
Disclosed in contracts
Disclosure of realtor status when buying and purchasing is done how?
Must be in writing
Sometime done in contract itself.
Ground rent notice in contracts
Notice of must be included in contract; and if not redeemable that must also be noted; also must warn buyer that land holder can take ownership of improvements if not paid.
Sellers are required to do what if land is subject to agricultural transfer tax?
Notify buyer (it’s in MAR contracts) or they will have to pay it themselves.
When can buyers rescind purchase of land with conservation easement?
If no provision on it was included in the contract;
or seller fails to provide copy of all easement doc before sale or within 20 days after sale.
Timeframe buyer has to notify owners of conservation easements
Within in 30 days after the buyer buys the property.
What is the Chesapeake critical area statement?
What contracts must have it?
1000 feet from high watermark is protected on bay and tributaries
State must be included in ALL contracts.
What does it mean for provisions to “survive” a contract?
All are certain provisions to be enforced 3 to 12 years after contract signed.
Provisions are no merged into deed.
What phrase is mandated in lease option contracts in MD
“this is not a contract to buy”
New Home builders must disclose to buyer what about home warantee before signing/ratifying contract with them
Whether they have a new home warrantee plan and its terms.
If no warrantee must disclose limited protection to buyer
What must new home builders disclose to buyers regarding registration before entering into contract with them
That although registered, they do not have to be licensed in most state jurisdictions.
Buyers sign this and then have 5 days to rescind contract and get any $ back
Where do new home builders register?
Home Builder and Home Builder Sales Representative Registration Unit int he Consumer Protection Division of the MD Attorney General’s office.
Do sales reps for new home builders need to be licensed real estate agents
No, the register with Attny Gen office
Home Builders and Home Builder Sales Rep Unit in Consumer Protection division of ATTY Gen
failure of new home builder to disclose home warrantee info penalty is …
Up to $50,000 and two years in jail
MD law to protect new home buyers
Maryland Custom Home Protection Act
Seven exemptions to Residential Property Disclosure and Disclaimer Statement
1-New SFH 2-properties exempt from transfer tax 3-lender/forclosure 4-Sheriff sale, tax sale 5-transfer for estate 6-SFH to be demolished or for non residential use 7-land
MD Common law related to equitable title
Buyer is liable for loss due to accidental damage during executory period o the contract.
Written contracts can shift this burden to seller.
intestate means
Without a valid will
If spouse dies and has a child who is a minor how is the money divided if intestate
spouse divides equally with child
Spouse dies intestate and has spouse and adult children
Spouse gets first 15k and half of rest, rest divided among children
Spouse dies intestate and no kids, but there the dead spouse has parents alive
Spouse gets 15k plus half of remainder …. parents get rest
Can spouse do anything if other dies and has a will that leaves them no money?
Yes he/she can sue for “elective share.”
What is a devisee
someone who inherits real property
what is a Legatee?
One who inherits personal property
I someone in MD dies without a will and no heirs who get his doe?
MD government
if he used long term care from gov, $ goes to MD Med Assistance Program
If not goes to local board of education
Can children contest wills?
Nope.
Pretermitted children are
Born after will signed, but before the death have no share in the estate under COMMON LAW
Statute changed that to demand they are covered and have a share.
deed poll
deed signed by grantor and and accepted by grantee is valid
BUT not for property belonging to minor, corporate (both sign in these cases.
What deeds in Maryland must be recorded to protect against 3rd party claims.
Free hold estate - Declaration on land use - any leasehold/estate for 7 plus years
Don’t have to record, but then 2nd party has not security if xfered to a 3rd one.
MD documentary stamp tax
This is a MD estate tax
0.55 per $500
Does not apply to “subject to” between relatives or loan assumptions
Maryland Uniform Transfers to Minors Act
Allows a donor (gift giver) to nominate a custodian to manage gift for the beneficiary
Minimum requirement for a will to be valid in MD
A minimum of two witnesses.
Deeds, mortgages, ground leases lasting mor than ________ years must be recorded.
7 years
Where are county deeds and mortgages filed?
Office of count clerk of the circuit court
Recorded deeds in MD are indexed under the grantee or grantor?
Both
Deeds must be prepared by attorneys and witnessed or notarized?
Notarized.
Mortgagor is the …
Borrower
Mortgagee is the …
Lender
Penalties for mortgage fraud
Up to …
5k + year in jail
15 k an 15yrs if victim was a vulnerable adult
100k and 20 yrs if there is a pattern of mortgage fraud.
Days required to pass before Forclosure can be filed
90 after default or
45 days after a notice is sent to borrower
Whichever is later
Md fraud protection act requires that forclosure consultants be …
Licensed real estate brokers and show comps and any contracts be in language of defaulting borrowers.
MD limits on loan interest
None on first mortgage
24 percent on second APR
MD limits on prepayment penalty
No more than 2 mos advanced interest on amount prepaid within a 12 mos. period.
Penalty to buyer who prepays and had lender paid closing costs.
Prepayment means the buyer has to pay back a lender a paid closing costs.
So anything they prepay first pays off the closing subsidy.
Penalty to lenders who violate usury laws of MD
May only collect principal amt
Knowing violations: may owe borrower up to 3 times amount of overcharged interest or $500, whichever is greater.
MD law regarding interest on tax and insurance expense accounts
At lest 3 percent paid to buyer. And this transfers with sale of mortgage.
Va loan restrictions related to ground rent
Will only finance Property with ground rent in Anne Arundel, Baltimore city, Baltimore county, and jappatowne area of Hartford co.
FHA restrictions related to ground rent
Loan limit must be reduced by capitalization rate of value of annual ground rent.
Names for mortgage lien release after all paid
Satisfaction of Mortgage or deed of release
Mortgage co files, but owner must ensure its done
When is a mortgage presumed paid
12 yrs after maturity date or
If no record of maturity date, 40 years after date of recording.
What happens if mortgagee does not have power of sale clause in mortgage but wants to forclose
Must rely on court ordered sale
What is the statutory right of redemption in m
MD for owners of foreclosed properties?
There is none. All forclosure sales are final
When can a mortgagee in MD take possession of a property
They can buy it after it fails to find a seller after trying to sell for the best possible price
How do junior lien holders get money in forclosure
They may request sale notice from by senior holder
They must file a “surplus money action” or their lien are extinguished.
MD law on strict forclosure
It’s not recognized
Interest rate limit on land installment contracts in MD
Law on this apples to …
Number of days to rescind if contract not recorded.
24 percent max
Only applies to improved land
15 days
Max loan origination fee for a SECOND mortgage
Other fees?
$250 or 10% of loan, whichever is less
Only actual costs, such as title, insurance, taxes.
Regs for refi second mortgages
No more than once every 12 mos. and no more than twice during 5 year period
Prohibited practices for junior loans
- Can’t have debtors waive legal rights
- Not accelerating payments except in default
- Having debtors assign wages to loan payment
- Charging fee to release a loan after it’s paid
MD law on SECOND mortgage balloon payments
Lender must give a one time six mos. extension for payment when borrower requests it.
When borrower applies for a loan and has not received disclosure/ disclaimer what happen?
Lender must inform him that he is waiving right to rescind based on no disclosure/disclaimer.
Can a bank in MD foreclose on a house when it failed to record the mortgage?
Nope, not until after they record it. They don’t have to record it, but it they don’t they can’t enforce it.
Terms of ground leases
leases usually specify a term up to 99 years. can be renewed
Can home owners redeem ground leases?
Yes. MD law made all redeemable unless landlord registered they are not. Landlords must do this every 10 years.
How are ground leases redeemed.
Depends when the leases were created
April 6, 1888- July 1, 1982 – redeemed at 6 percent cap rate
created after July 2, 1982 – redeemed at 12 percent cap rate
Those who buy or purchase inherit ground leases must …
Inform homeowners of the right to redeem within 30 days of getting the lease and invite them to contact them for details.
New ground leases are allowed for …
properties suitable for or with more than four residential dwellings:
i.e.,
commerical property, mobile home sites, condo, co-ops, etc.
leases in MD lasting more than one year must be
in writing. They don’t need to be recorded if lasting less than 7 years.
Leases lasting more than 7 years must be …
written and recorded.
Are unrecorded leases for longer than 7 years valid?
If the tenant occupies the property, the lease is valid to creditors and assignees
What land-lord tenant laws apply during post settlement occupancy by sellers for 60 days or less?
None.
Written agency disclosure is required at first face to face meeting with licensee and prospective tenant or landlord for leases lasting how long?
125 days or more
Landlords must take no more than _____ for security deposits and must provide ____ or be subject to fee to tenant of ___ and the penalty for taking too much is ____.
2 mos rent
And receipt
$25 fee
And if tale too much can be liable for 3 x excess of limit and attny fees of tenant.
Rental security deposits must be placed in landlord escrow bank account within …
30 days of receipt.
Security deposits must be held in MD insured banks or
In MD Bank insured CDs
Can creditors collect $ from landlord held security deposits in md?
Nope.
Can tenants use surety bonds in lieu of cash for security deposits
Yes, with mutual agreement with landlord, but the tenant pays cost of the bond and gets no interest.
May tenants attend final walk through at end of term?
Only if they provide 15 days notice via certified mail b4 move out to landlord that they want to be present.
Do security deposits include interest and when must landlord pay them.
3 % ANNUAL interest which accrues every 6 months and does not compound; so on each $100 that’s $3. So rent of 1,000 interest all year is $30.
landlord has 45 days of move out for refund sec. deposit
What must landlords do to keep portion of security deposit?
Penalty for violations?
Document damage in writing to tenant, provide receipts for work done by others or materials (can’t recover own labor cost).
If they fail to follow law they pay 3x cost of amount withheld from sec dep.
Penalty to landlord for breach of lease?
lose right to security deposit and any unpaid rent.
How long does tenant have to file complaints regarding security deposit?
up to 2 years.
Penalty to landlord for including waiver of tenant security deposit related rights in lease.
No penalty, although he waiver is against the law and will have no effect.
Notice a landlord must provide before beginning dispossession proceedings (as in eviction)
if payment is monthly then one month
if week to week, then one week
If its longer than mos to mos. and term is automatically renewable, then usually 3 months
What happens if tenant refuses to comply with dispossession request by landlord?
Landlord files with district court in his county and sheriff posts notice of summons on tenant’s property in conspic. place. This is sufficient notice.
What is distraint?
Landlord’s right to sell personal property of renter to get back rent, which must be due 3 months back and lease must have stated when each payment is due.
if not payment deadlines, court considers all due at end of lease
Max late penalty to tenants in leases?
No more than 5 percent of monthly rent.
$3 a week and $12 per month for weekly rentals
When does personal property of renters become property of landlords?
After lease is done and property is abandoned. Lease provisions may not state otherwise.
How long can auto renewals be in leases?
No more than one month. lease provisions that state otherwise are unenforcible.
Can landlord have shorter period to notify tenant to vacate than does tenate to notify landlord?
No. Landlord notice must be equal or longer than required by tenant.
Lease provisions stating otherwise are unenforcible.
what may tenants do if property rental possesses hazardous conditions
Notify landlord, wait 30 days, if not corrected, stop paying and escrow rents so money can be used for repairs. Court distributes.
Courts may order this, if tenant does do it, court can rule in favor of landlord.
If tenants make formal, written request for lead paint abattment, landlords must
Provide risk reduction satisfaction certificates or
Proof work was completed or
lead free certificates. WITHIN 3 BIZ DAYS.
If not, tenants can be released from lease and get $2,400 in relocation expenses.
Safety systems required in MD rentals
-Compliance with lead paint laws
sprinkers in new construction unless no pws
-smoke detectors on all levels but not attics (new constru must be wired and battery
-Hard-wired Carbon monoxide alarms in home with fossil fuel use
How to calculate cost of redemption for ground rent to reduce sales price?
Divide ground rent by capitalization rate. If ground rent is 100 dollars and rate is 10 percent, divide 100,000 by 10=10,000. Then you can reduce asking price by $10,000.
The goal is revitalizing older neighborhoods in included in the …
MD Smart Growth Plan
Size of the CRITICAL AREA within the MD Chesapeake Bay Critical area Act
1,000 feet above high-water mark.
What is the buffer zone in the MD Chesapeake Bay Critical Area Act?
200 feet of natural vegitation inland from the critical area (which is already 1000 feet from high water mark). Human activity is limited here.
Wetlands in MD can be affected by development in MD when?
Only as a last resort.
Smart growth law in MD is designed to
Make it more expensive to move into rural areas and develop thereby encouraging renewal of older, established areas.
MD standard for acceptable lead blood levels and financial relief when tenants are above that level
10 mg/dl
from landlord or their insurance co: $7,500 for med. treatment
$9,500 for relocation but tenants may sue for higher amounts.
What properties must be registered under MD lead paint program?
Those rentals built before 1950. Fee is $15 annually for each unit.
post 1950s can opt in to be eligible for funds if kid is found with lead levels above 10 mg/dl
When must there be a lead paint inspection in MD
Every time a “affected residential property changes hands”
These are pre-1950 and opt-in registered properties.
Process for filing fair housing complaint
file with Human relations commission, which tries to get parties to resolve. If no cause=”final order” which complainant may appeal t circuit ct. or conciliation agreement reached.
No agreement, goes to RE Commission for hearings.
Penalty for releasing info on fair housing complaint before officially public with conciliation agreement
$1,000 and up to a year in jail.
Timeframe for filing fair housing complaints
One year to file with Human Relations Commission
Two years to file with a court of law (for original violation or for failure to comply with reconciliation agreement.)
Penalty for bringing maliciously false fair housing charges
$500 and or up to a year in jail.
Categories of people covered under federal fair housing law (there are 7)
RRC SFN D
Race, Religion, Color, Sex, Familial status, National origin, and disability
Two additional protected classes under MD Fair Housing law
Marital Status and Sexual Orientation.
MD Exemptions for fair housing laws
-SFH rental/sale without a broker
-Room to share in house exempt sex, marital status, sex orient
-bldg Owner with 5 or fewer rentals (feds:4) when owner occupies
Also: rel orgs, clubs, elder housing (all 62 or 80% 55+); too big families for unit size, and can ban people involved in illegal drugs.
Fair house class that is always protected and never part of exemptions
Race
Fed Civil rights act of 1866 bars all racial discrimination for housing.
Penalty to persons who seek to retaliate against those who file or enforce fair housing laws/regs
$1,000 and or year in jail. If bodily injury is involved $10,000 and ten years in jail.
When commission gets a complaint it may pursue it on its own or …
Also file it with local court on behalf of aggrieved if there is a pattern of discrimination.
Fine for false info, changing records, etc., related for fair housing violation under MD law
up to $100,000 and/or year in jail
Courts may award how much for fair housing discrimination …
$50,000 for a first violation, and $100,000 for subsequent violations.
Is commerical property covered in fair housings?
Yup. Covers owners and operators, including leases for commerical use.
Conservation areas …
Real Estate Commission can designate areas can be designated for now soliciting of houses sales, and no signs for sale to protect “racial stability”; has not been used in quarter century.
Where do you file for racially related fair housing violations?
May go directly to federal court. If have both race and other complaints they can sue in local court.
Complaints for MD related issues to HUD are referred back to MD Human Relations Commission, since law is nearly same.
Financial Penalties from MD Human Relations Commission for fair housing violations
$500 for first offense
$1,000 for second within 5 years
$2,500 if there were two prior offenses within past 7 years.
Time frames above don’t apply if natural person (rather than co.)
Tax withholding for out of state sellers of md property
- 75 percent for individuals
- 25 for companies
Can get overpayment back on tax return.
Do attorneys have to prepare settlement paperwork
They must “supervise” it … don’t need to do it actually.
Who doe settlement companies represent?
no one individual … they owe due care to all parties they work with.
Under do not fax law … Who can MD agent sent unsolicited faxes to?
People with whom they have an established biz relationship.
Periods to rescind after getting docs -New condo -Resale condo -New Time share -Timeshare resale HOA
- new condo–15 aft POS and 5 more 4amends
- Resale condo–7
New Time share–10
Time share resale–7
HOA –varies
