Section 17-523 - Notice about taxes.
§ 17-523. Notice about taxes.
(a) Required.- Each real estate contract submitted to a party by a real estate broker, an associate real estate broker, or a real estate salesperson for use in the sale of residential property used as a dwelling place for one or two single-family units shall contain, in the manner provided under subsection (b) of this section, the following statement, as required by § 14-117 of the Real Property Article:
"Section 14-104 of the Real Property Article of the Annotated Code of Maryland provides that, unless otherwise negotiated in the contract or provided by local law, the cost of any recordation tax or any State or local transfer tax shall be shared equally between the buyer and seller."
(b) Print.- The statement required under subsection (a) of this section shall be printed in conspicuous type or handwritten in the contract or an addendum to the contract.
(c) Effect of omission.- A real estate contract is not rendered invalid by the omission of the statement to the buyer required under subsection (a) of this section.
[An. Code 1957, art. 56A, § 4-523; 1989, ch. 3, § 1; 1994, ch. 3, § 13; 2005, ch. 25, § 1.]