§ 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.

HISTORY: An. Code 1957, art. 56A, § 4-524; 1989, ch. 3, § 1; 1991, ch. 527; 1994, ch. 3, § 13.