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Proceed With Extreme Caution...Ground Rent Registry Law in Maryland!
A few states still have  Ground Rents (Maryland, Pennsylvania and Hawaii) as a way of conveying property.
On the first page of our Maryland Residential Contract Of Sale, paragraph #5, we need to put an 'X' in one of the blanks.
The property is is being conveyed________in fee simple or _______subject to an annual ground rent...
 
 
What's a listing agent to do? Proceed with caution...Take a look at this notice.
   Legal Affairs News Maryland SDAT Provides Guidance on Ground Rent Registry Law
The Maryland Department of Assessments and Taxation (“SDAT”) has posted guidance on its website to help interpret The Registry of Ground Leases provisions of Maryland Code, Real Property Article 8-701 et seq. (hereinafter “Registry”).  Unfortunately, much uncertainty still exists.
The Registry, which became effective on October 1, 2007, required ground lease holders to register ground rent leases with the State by September 30, 2010.  If a property subject to a ground rent was not timely registered, the reversionary interest of the ground lease holder under the ground lease is extinguished and ground rent is no longer payable to the ground lease holder.  
When the ground lease is extinguished, the ground lease tenant may apply for an ... more

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