Md. Code Regs. 05.22.01.03

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

Section 05.22.01.03 - Notice Requirements in Tenant's Exclusive Negotiation Period

A. Before a residential rental property may be offered for sale to the public or a third party, including through a listing for sale, the owner of the property shall send each tenant of the property a written notice of the tenant's right to deliver an offer to purchase the property.

B. A notice sent to a tenant under this chapter shall be delivered by:

(1) First-class U.S. Mail, with a certificate of mailing; or

(2) A delivery service providing delivery tracking and confirmation.

C. The owner shall send a copy of a notice sent to a tenant under this chapter to the Office by a submission form on the Office's website.

D. The owner shall notify the Office by submission form on the Office's website if:

(1) A tenant delivers a timely written offer to purchase the property that contains the same or more favorable material terms as those contained in the notice sent under this chapter;

(2) A tenant fails to make an offer to purchase in response to the notice sent under this chapter within the time prescribed by law;

(3) A tenant affirmatively declines to make an offer to purchase the property;

(4) A tenant fails to make a timely response to, or rejects, a counteroffer made by the owner under Real Property Article, § 8-119(c)(5)(ii), Annotated Code of Maryland; or

(5) A tenant accepts a counteroffer made by the owner under Real Property Article, § 8-119(c)(5)(ii), Annotated Code of Maryland.

Md. Code Regs. 05.22.01.03

Regulation .03 adopted effective 51:20 Md. R. 898, eff. 10/14/2024.