Section 17-524 - Notice of buyer's right of selection.
§ 17-524. Notice of buyer's right of selection.
(a) In general.- 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 a single-family dwelling shall contain, in bold-faced type, a statement that the buyer has the right to select the buyer's own:
(1) title insurance company;
(2) settlement company;
(3) escrow company;
(4) mortgage lender, or financial institution as defined in the Financial Institutions Article; or
(5) title lawyer.
(b) Offer of financing as a condition of settlement.- The statement required under subsection (a) of this section shall also contain, in bold-faced type, a statement that a seller may not be prohibited from offering owner financing as a condition of settlement.
(c) Effect of omission.- A real estate contract is not rendered invalid by the omission of the statement to the buyer required under subsections (a) and (b) of this section.
[An. Code 1957, art. 56A, § 4-524; 1989, ch. 3, § 1; 1991, ch. 527; 1994, ch. 3, § 13.]