Md. Code Regs. 05.22.01.04

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

Section 05.22.01.04 - Form of Notice and Counteroffer

A. The notice delivered to tenants at the commencement of the tenant's exclusive negotiation period shall contain, at minimum, the following information:

(1) The material terms that the owner would agree to incorporate into a contract of sale with the tenant;

(2) A conspicuous statement that the notice is a solicitation of an offer to purchase and is not intended as and may not be construed as a binding contract of sale; and

(3) Any information regarding deadlines for the tenant to submit an offer to purchase, including the duration of the tenant's exclusive negotiation period.

B. The material terms stated in the notice delivered to tenants under this chapter:

(1) Shall be commercially reasonable and made in good faith;

(2) Shall adhere to generally accepted residential real estate practices; and

(3) May not include restrictions on financing methods or the right of inspection.

C. The notice delivered to tenants under this chapter shall be in the form provided in Appendix A of this subtitle.

D. A counteroffer delivered to tenants under Real Property Article, § 8-119(c)(5)(ii), Annotated Code of Maryland, shall be in the form provided in Appendix B of this subtitle.

E. The Office shall make the forms provided in Appendix A and Appendix B of this subtitle available on its public website in a format allowing residential rental property owners to populate the blank sections of the forms, download the forms, and print the forms for delivery to tenants.

F. The Office may, from time to time, with the approval of the Secretary, edit or amend the forms provided in Appendix A and Appendix B of this subtitle to facilitate compliance with Real Property Article, §§ 8-119(c) and 8-120, Annotated Code of Maryland, or other applicable law, as appropriate.

Md. Code Regs. 05.22.01.04

Regulation .04 adopted effective 51:20 Md. R. 898, eff. 10/14/2024.