Md. Code Regs. 05.22.01.02

Current through Register Vol. 51, No. 24, December 2, 2024

Section 05.22.01.02 - Definitions

A. In this chapter, the following terms have the meanings indicated.

B. Terms Defined.

(1) "Commercially reasonable" means terms and pricing that are reasonably consistent with what an experienced real estate professional would expect to see in similar transactions.

(2) "Department" means the Department of Housing and Community Development, a principal department of the State.

(3) "Material terms" includes the sales price, settlement date, inspection terms, financing terms, escrow deposit, seller credit to buyer (if any), and seller repairs.

(4) "Offer to purchase" means a good faith offer for the purchase of a residential rental property for a price that a willing buyer would pay to a willing seller in an arm's length transaction, with neither party under any compulsion to buy or sell.

(5) "Office" means the Office of Tenant and Landlord Affairs within the Department of Housing and Community Development.

(6) "Secretary" means the Secretary of Housing and Community Development.

(7) "Tenant" means an individual who has occupied a residential rental property for at least 6 months and who is a named lessee in the written lease.

(8) "Tenant's exclusive negotiation period" means the period of time prescribed in Real Property Article, § 8-119(c), Annotated Code of Maryland, after a tenant is notified about the tenant's right to purchase a residential rental property during which the tenant may negotiate exclusively with the owner to enter into a contract of sale.

Md. Code Regs. 05.22.01.02

Regulation .02 adopted effective 51:20 Md. R. 898, eff. 10/14/2024.