On April 4, 2015, the General Assembly of Maryland passed a new law under the Maryland Home Builder Registration Act, which states that contracts for the sale of new homes must include a written commitment for a loan secured by the property unless other provisions regarding the financial contingency are expressed.
If the contract shall include the written loan agreement, the contract shall also include explicit information about the maximum acceptable loan interest and the time period for receiving the loan agreement, amongst other components.
This act will take effect on October 1, 2015.
Read the official bill in its entirety here.
For more information about this subject matter, contact the attorneys at Bowie & Jensen.