reglab/housing_qa huggingface dataset:
MD. Real Property Code Ann. §  10-301 (2021)
2021 Maryland Statutes|Real Property|Title 10 - Sales of Property|Subtitle 3 - Deposits on New Homes|Section 10-301 - Escrow Accounts, Surety Bonds or Irrevocable Letters of Credit to Be Maintained by Vendor or Builder Receiving Deposit

    (a)    If, in connection with the sale and purchase of a new single–family residential unit, the construction of which has not begun or, if begun, is not completed at the time of contracting the sale, the vendor or builder obligates the purchaser to pay and the vendor or builder receives any sum of money before completion of the unit and grant of the realty to the purchaser, the builder or vendor shall:        (1)    Deposit or hold the sum in an escrow account segregated from all other funds of the vendor or builder to assure the return of the sum to the purchaser in the event the purchaser becomes entitled to a return of the sum;        (2)    Obtain and maintain a corporate surety bond in the form and in the amounts set forth in § 10–302 of this subtitle, conditioned on the return of the sum to the purchaser in the event the purchaser becomes entitled to the return of the money; or        (3)    Obtain and maintain an irrevocable letter of credit issued by a Maryland bank in the form and in the amounts set forth in § 10–303 of this subtitle.    (b)    (1)    Except as provided in paragraph (2) of this subsection, the vendor or builder shall maintain the escrow account, surety bond, or irrevocable letter of credit until the happening of the earlier of:            (i)    The granting of a deed to the property on which a completed residential unit is located to the purchaser;            (ii)    The return of the sum of money to the purchaser; or            (iii)    The forfeiture of the sum by the purchaser, under the terms of the contract of sale relating to the purchase of the residential unit.        (2)    The vendor or builder may make withdrawals from an escrow account established under subsection (a)(1) of this section that consists of sums received to finance the construction of a residential unit to pay, in accordance with a draw schedule agreed to by the purchaser in writing, documented claims of persons who have furnished labor or material for the construction of the residential unit.    (c)    (1)    (i)    In this subsection the following words have the meanings indicated.            (ii)    “Banking institution” has the meaning stated in § 1–101 of the Financial Institutions Article.            (iii)    “National banking association” has the meaning stated in § 1–101 of the Financial Institutions Article.        (2)    A banking institution or national banking association at which an escrow account established under subsection (a)(1) of this section is maintained is not responsible for a withdrawal from the escrow account made by the vendor or builder.
MD. Real Property Code Ann. §  10-301.1 (2021)
2021 Maryland Statutes|Real Property|Title 10 - Sales of Property|Subtitle 3 - Deposits on New Homes|Section 10-301.1 - Money Received by Vendor or Builder

    (a)    Any sum of money received by a vendor or builder in connection with the sale and purchase of a new single–family residential unit shall be held in trust for the benefit of the purchaser.    (b)    Any payments made for labor or material in connection with the construction of the residential unit shall be consistent with the trust obligation required under subsection (a) of this section.
MD. Real Property Code Ann. §  10-301.2 (2021)
2021 Maryland Statutes|Real Property|Title 10 - Sales of Property|Subtitle 3 - Deposits on New Homes|Section 10-301.2 - Interest on and Investment of Trust Money

    (a)    A vendor or builder may deposit trust money in:        (1)    A noninterest bearing checking account;        (2)    One or more savings accounts; or        (3)    Any combination of accounts in any bank or savings and loan association authorized by federal or State law to do business in the State.    (b)    Trust money in the hands of the vendor or builder may be invested in any other investment vehicle specified by the client or beneficial owner or as they and the licensee may agree.
MD. Real Property Code Ann. §  10-302 (2021)
2021 Maryland Statutes|Real Property|Title 10 - Sales of Property|Subtitle 3 - Deposits on New Homes|Section 10-302 - Bond Payable to State; Deposit; Form of Bond; Penalty of Blanket Bond

    (a)    The bond shall be payable to the State for the use and benefit of every person protected by the provisions of this subtitle. The vendor or purchaser shall deposit the bond with the Consumer Protection Division of the Office of the Attorney General.    (b)    The corporate surety bond obtained pursuant to the provisions of § 10–301(a) of this subtitle shall be in a form approved by the Consumer Protection Division of the Office of the Attorney General. The bond may be either in the form of an individual bond for each deposit accepted by a vendor or builder or if the total amount of money and deposits accepted by the builder or vendor exceeds $10,000, it may be in the form of a blanket bond assuring the return of the deposits received by the vendor or builder.    (c)    If the bond is a blanket bond, the penalty of the bond shall be in accordance with the following schedule:
MD. Real Property Code Ann. §  10-303 (2021)
2021 Maryland Statutes|Real Property|Title 10 - Sales of Property|Subtitle 3 - Deposits on New Homes|Section 10-303 - Irrevocable Letters of Credit

    (a)    An irrevocable letter of credit obtained under § 10–301 of this subtitle shall be:        (1)    Payable to the Office of the Attorney General for the use and benefit of every person protected by the provisions of this subtitle; and        (2)    In a form approved by the Consumer Protection Division of the Office of the Attorney General.    (b)    An irrevocable letter of credit may be either in the form of an individual letter of credit for each deposit accepted by a vendor or builder or if the total amount of money and deposits accepted by the builder exceeds $10,000, the letter of credit may be in the form of a blanket letter of credit assuring the return of the deposits received by the vendor or builder.    (c)    If the letter of credit is a blanket letter of credit, the amount of the letter of credit shall be in accordance with the following schedule:
MD. Real Property Code Ann. §  10-303.1 (2021)
2021 Maryland Statutes|Real Property|Title 10 - Sales of Property|Subtitle 3 - Deposits on New Homes|Section 10-303.1 - Regulations

    The Consumer Protection Division of the Office of the Attorney General shall adopt regulations for the administration of the provisions of this subtitle relating to bonds and letters of credit.
MD. Real Property Code Ann. §  10-304 (2021)
2021 Maryland Statutes|Real Property|Title 10 - Sales of Property|Subtitle 3 - Deposits on New Homes|Section 10-304 - Sales Exempt From Subtitle

    The provisions of this subtitle do not apply to a sale by or through a licensed real estate broker in connection with which all sums of money in the nature of deposits, escrow money, or binder money are paid to a broker to be held in the escrow account of the broker.
MD. Real Property Code Ann. §  10-305 (2021)
2021 Maryland Statutes|Real Property|Title 10 - Sales of Property|Subtitle 3 - Deposits on New Homes|Section 10-305 - Penalties; Unfair or Deceptive Trade Practices

    (a)    If a person willfully and knowingly fails to obtain and maintain a corporate surety bond or irrevocable letter of credit or to hold sums of money in an escrow account as required under this subtitle, the person is guilty of a felony and, on conviction, shall make restitution to the purchaser as determined by the court, and be subject to a fine not exceeding $10,000 or imprisonment not exceeding 15 years or both.    (b)    In addition to any other penalty or relief afforded by law or equity, any conduct that fails to comply with this subtitle is an unfair or deceptive trade practice within the meaning of Title 13 of the Commercial Law Article and is subject to all of the provisions of that title except § 13-411 of the Commercial Law Article.    (c)    Any officer, director, or employee of a corporation, who knowingly participates in any act or omission which is part of the violation, is subject to the penalties of this section.
MD. Real Property Code Ann. §  10-306 (2021)
2021 Maryland Statutes|Real Property|Title 10 - Sales of Property|Subtitle 3 - Deposits on New Homes|Section 10-306 - Disclosure Forms

    (a)    The Division of Consumer Protection of the Office of the Attorney General shall develop and make available a standard new home disclosure form that advises purchasers of the purchasers’ rights under this subtitle.    (b)    Prior to the execution of any contract for the sale of a new home under this subtitle, the vendor or builder shall:        (1)    Provide the purchaser with a copy of the new home disclosure form as provided in subsection (a) of this section; and        (2)    Obtain the purchaser’s signature certifying that the purchaser has received the disclosure form.
MD. Real Property Code Ann. §  10-401 (2021)
2021 Maryland Statutes|Real Property|Title 10 - Sales of Property|Subtitle 4 - Recorded Land Contracts|Section 10-401 - Limitation on Enforcement of Recorded Land Contract

    When the buyer is not in possession of the property, no recorded contract for the sale of the property is enforceable or constitutes an encumbrance of the title, as against persons other than the original parties, unless within five years after the date set out in the recorded contract for the delivery of the deed, an action or proceeding is commenced to enforce the contract. If no date for the delivery of the deed is designated in the recorded contract, any action or proceeding shall be commenced within five years after the date when, according to the terms of the recorded contract, the final payment or installment of the purchase price was required to be paid. The existence of a disability on the part of either party to the contract at the commencement of this five-year period does not operate to extend this five-year period.
MD. Real Property Code Ann. §  10-402 (2021)
2021 Maryland Statutes|Real Property|Title 10 - Sales of Property|Subtitle 4 - Recorded Land Contracts|Section 10-402 - Recorded Options as Notice

    A recorded instrument, recorded modification, or any amendment of a recorded instrument or recorded modification creating an option to purchase property, or any memorandum of option recorded under § 3-101(f) of this article ceases to be actual or constructive notice to any person or to put any person on inquiry as to existence or exercise of the option, if:         (1)    The instrument according to its terms has expired;        (2)    One year has elapsed since the time of expiration; and        (3)    No grant or other instrument has been recorded showing that the option has been exercised.
MD. Real Property Code Ann. §  10-501 (2021)
2021 Maryland Statutes|Real Property|Title 10 - Sales of Property|Subtitle 5 - Custom Home Protection Act|Section 10-501 - Definitions

    (a)    In this subtitle the following words have the meanings indicated.    (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.
MD. Real Property Code Ann. §  10-502 (2021)
2021 Maryland Statutes|Real Property|Title 10 - Sales of Property|Subtitle 5 - Custom Home Protection Act|Section 10-502 - Payments to Custom Home Builders Held in Trust

    Any consideration received by a custom home builder in connection with a custom home contract shall be held in trust for the benefit of the buyer. Payments made to subcontractors or suppliers in connection with the custom home contract shall be consistent with the trust.
MD. Real Property Code Ann. §  10-503 (2021)
2021 Maryland Statutes|Real Property|Title 10 - Sales of Property|Subtitle 5 - Custom Home Protection Act|Section 10-503 - Payments to Custom Home Builders Held in Trust -- Presumption of Appropriation in Violation of Trust

    Except with the express written approval of the buyer not to pay, in the event a subcontractor or supplier fails, in the opinion of the custom home builder, to perform in accordance with the contract between the subcontractor or the supplier and the custom home builder, the failure of a custom home builder to pay or cause to be paid the lawful claims of any person furnishing labor or material, including fuel, within a reasonable period after the receipt from the buyer of consideration paid to satisfy the claims, shall create a rebuttable presumption that the consideration received by the custom home builder has been used or appropriated in violation of the trust established by this subtitle.
MD. Real Property Code Ann. §  10-505 (2021)
2021 Maryland Statutes|Real Property|Title 10 - Sales of Property|Subtitle 5 - Custom Home Protection Act|Section 10-505 - Contracts Between Custom Home Builders and Buyers

    Every custom home contract between a custom home builder and the buyer must be in writing. The custom home contract shall:         (1)    Include a draw schedule that shall be set forth on a separate sheet of paper and that shall be separately signed by the buyer and the custom home builder;        (2)    Identify to the extent known the names of the primary subcontractors who will be working on the custom home;        (3)    Expressly state that any and all changes that are to be made to the contract shall be recorded as “change orders” that specify the change in the work ordered and the effect of the change on the price of the house;        (4)    Set forth in bold type whether or not the vendor or builder is covered by a warranty program guaranteed by a third party;        (5)    Require the vendor or builder  to deliver to the purchaser within 30 days after each progress payment a list of the subcontractors, suppliers, or materialmen who have provided more than $500 of goods or services to date and indicate which of them have been paid by the vendor or builder; and        (6)    Require that the custom home builder provide waivers of liens from all applicable subcontractors, suppliers, or materialmen within a reasonable time after the final payment for the goods or services they provide.
MD. Real Property Code Ann. §  10-507 (2021)
2021 Maryland Statutes|Real Property|Title 10 - Sales of Property|Subtitle 5 - Custom Home Protection Act|Section 10-507 - Violations

    (a)    In addition to any other penalty provided elsewhere in the Annotated Code, any conduct that fails to comply with this subtitle, or any breach of any trust created by this subtitle, is:        (1)    An unfair or deceptive trade practice within the meaning of Title 13 of the Commercial Law Article; and        (2)    Subject to all of the provisions of that title except § 13–411 of the Commercial Law Article.    (b)    (1)    A person is guilty of a felony, if the person willfully and knowingly:            (i)    Fails to obtain and maintain a corporate surety bond or to hold sums of money in an escrow account as required under this subtitle;            (ii)    Fails to make a disclosure required under § 10-506(b)(4) of this subtitle; or            (iii)    Commits a breach of the trust provided in § 10-502 of this subtitle.        (2)    A person convicted under paragraph (1) of this subsection shall make restitution to the purchaser as determined by the court and be subject to a fine not exceeding $10,000 or imprisonment not exceeding 15 years or both.        (3)    Other than the conduct described in paragraph (1) of this subsection, any conduct that fails to comply with this subtitle, or any breach of any trust created by this subtitle, is a misdemeanor, and on conviction, any violator is subject to a fine not exceeding $1,000 or imprisonment not exceeding 1 year, or both.    (c)    (1)    Subject to the limitations under paragraph (2) of this subsection, a court may order, in addition to any other penalty provided elsewhere in the Annotated Code, that an individual violating this subtitle may not be permitted to seek, enter into, or perform any contract for the construction of real property in the State for a period of time to be specified by the court.        (2)    A court may make an order under paragraph (1) of this subsection only if the court determines:            (i)    That a criminal offense that resulted in financial losses to the victims has been committed by a violation of this subtitle or by a breach of any trust created by this subtitle; and            (ii)    That it would not be inconsistent with a plan for restitution ordered in any other proceeding brought to enforce this subtitle.
MD. Real Property Code Ann. §  10-509 (2021)
2021 Maryland Statutes|Real Property|Title 10 - Sales of Property|Subtitle 5 - Custom Home Protection Act|Section 10-509 - Citation of Subtitle

    This subtitle may be cited as the Maryland Custom Home Protection Act.
MD. Real Property Code Ann. §  10-602 (2021)
2021 Maryland Statutes|Real Property|Title 10 - Sales of Property|Subtitle 6 - New Home Warranties|Section 10-602 - Disclosure by Builders Generally

    (a)    Prior to entering into a contract for sale or construction of a new home, the builder shall disclose in writing to the owner whether:        (1)    The builder participates in a new home warranty security plan through which:            (i)    The builder must provide the owner with a new home warranty; or            (ii)    The builder may provide a new home warranty to the owner at the owner’s option; or        (2)    The builder does not participate in a new home warranty security plan.    (b)    The disclosure will be made on a form approved by the Division.
MD. Real Property Code Ann. §  10-603 (2021)
2021 Maryland Statutes|Real Property|Title 10 - Sales of Property|Subtitle 6 - New Home Warranties|Section 10-603 - Homes Not Covered by Warranty; Disclosure by Builders; Acknowledgment; Right of Rescission by Owner

    (a)    If the builder does not participate in a new home warranty security plan:        (1)    The builder must make a disclosure at the time of the purchase or construction contract containing an explanation in 12 point type that:            (i)    The owner should be aware that builders of new homes in the State of Maryland are required to be registered with the Consumer Protection Division of the Office of the Attorney General;            (ii)    Without a new home warranty or other express warranties, the owner may be afforded only certain limited implied warranties as are provided by law; and            (iii)    1.    Describes any hazardous or regulated materials, including asbestos, lead–based paint, radon, methane, underground storage tanks, licensed landfills, unlicensed landfills, licensed rubble fills, unlicensed rubble fills, or other environmental hazards, present on the site of the new home of which the builder has actual knowledge; or                2.    States that the builder is making no representations or warranties as to whether there is any hazardous or regulated material on the site of the new home;        (2)    The owner shall acknowledge in writing that the owner understands that the builder does not participate in a new home warranty security plan and that the owner has read and understood the disclosure pursuant to item (1) of this subsection; and        (3)    Any purchase or construction contract entered into which does not contain the acknowledgment required by item (2) of this subsection is voidable by the owner.    (b)    (1)    An owner who has made the acknowledgment described in subsection (a)(2) of this section may rescind the contract within 5 working days from the date of the contract by providing the builder with written notice of the owner’s rescission of the contract; and        (2)    Upon rescission, the owner shall be entitled to a refund of any money paid to the builder for the new home.
MD. Real Property Code Ann. §  10-605 (2021)
2021 Maryland Statutes|Real Property|Title 10 - Sales of Property|Subtitle 6 - New Home Warranties|Section 10-605 - Notice to Purchaser of Home Covered by Warranty

    A builder who sells a new home with a new home warranty pursuant to § 10–604(b) of this subtitle which has not been waived by the owner shall provide the owner with a notice that shall be incorporated in a conspicuous manner in the contract and that shall include the following language in type at least as large as 12 point type:“Notice to Purchaser    Your new home will be covered by a new home warranty that meets the minimum requirements established under Title 10, Subtitle 6 of the Real Property Article of the Annotated Code of Maryland. Before you sign this contract, your builder is required to give you a copy of the warranty coverage you will receive.    The name of the new home warranty security plan in which your builder is currently a participant is ........ You are strongly encouraged to call the new home warranty security plan at ....... to verify (i) that your builder is in good standing with this company, and (ii) that your new home will be covered by a warranty from this company.    If the builder is not a participant in good standing with this company on the date of this contract, or if the new home has not been registered in the plan on or before the warranty date, then it is a material breach of the contract and you are entitled to whatever remedies are provided by law, including, but not limited to, rescission or cancellation of this contract and, except in the case of a construction contract for a new home built on your own property, a refund of any money paid to the builder for your new home.    On the day that you first occupy the new home, settle on the new home, make the final payment to the builder on your new home, or obtain an occupancy permit for a new home if the new home is built on your own property, whichever is earlier, you will be provided with evidence that a new home warranty exists for your new home and that coverage begins on that date. You will be provided with a signed new home warranty within 60 days from the date the coverage begins.    The terms used in this notice shall have the same meanings as provided in Title 10, Subtitle 6 of the Real Property Article of the Annotated Code of Maryland.”