Section 7-314 - Foreclosure surplus acquisition(a) Each foreclosure surplus acquisition shall be in the form of a written contract.(b) Each foreclosure surplus acquisition contract shall:(1) Contain the entire agreement of the parties;(2) Be printed in at least 12 point type, in the same language that is used by the homeowner and was used by the foreclosure surplus purchaser and the homeowner to negotiate the sale of the residence in foreclosure;(3) Be fully completed, dated, and personally signed by the homeowner and the foreclosure surplus purchaser before the statement of account has been referred to the auditor; and(4) Include: (i) The name, business address, and telephone number of the foreclosure surplus purchaser;(ii) The address of the residence in foreclosure;(iii) The total consideration to be given by the foreclosure surplus purchaser in connection with or incident to the transaction;(iv) A complete description of the terms of payment or other consideration, including any services of any nature that the foreclosure surplus purchaser represents the foreclosure surplus purchaser will perform for the homeowner before or after the sale; and(v) The following notice, which shall be printed in at least 14 point boldface type, completed with the name of the foreclosure surplus purchaser, and located in immediate proximity to the space reserved for the homeowner's signature: "NOTICE REQUIRED BY MARYLAND LAW
If you have any questions about this document, seek legal counsel before signing. This is an important legal contract. Failure to read and understand these documents may cause you to lose valuable rights.
The effect of these documents is that you may lose the equity in your home. This agreement will not stop the foreclosure or get your house back. If you believe the foreclosure sale was improper, you should immediately seek legal advice to determine what objections to ratification or to rescind the order of ratification may be filed.
You may rescind this contract for the sale of your house without any penalty or obligation at any time within 10 days after the auditor states the account of the foreclosure sale. See the attached Notice of Rescission form for an explanation of this right. After the rescission, you must repay from the surplus proceeds any consideration received, directly or indirectly, together with an amount for interest calculated at the rate of 8% a year."
(c)(1) The contract shall be accompanied by a completed form in duplicate, captioned "Notice of Rescission".(2) The Notice of Rescission shall:(i) Be on a separate sheet of paper attached to the contract;(ii) Be easily detachable; and(iii) Contain the following statement printed in at least 15 point type: "NOTICE OF RESCISSION
.................................... (Date of contract)
You may rescind this contract for the sale of your house at any time within 10 days after the auditor states the account of the foreclosure sale.
To rescind this transaction, mail or deliver a signed and dated copy of this Notice of Rescission to ......................................... (Name of purchaser) at ............................................... (Address of purchaser, including facsimile and electronic mail) with a copy to the court appointed auditor.
I hereby rescind this transaction.
.................... (Date)
............................. (Homeowner's signature)".
(d) The foreclosure surplus purchaser shall provide the homeowner with a copy of the contract and the attached Notice of Rescission at the time the contract is executed by all parties.(e) The contract required by this section survives delivery of any instrument of conveyance of the residence in foreclosure, is binding in the audit, and has no effect on persons other than the parties to the contract.(f) Any provision in a contract that attempts or purports to waive any of the rights specified in this title, consent to jurisdiction or choice of law in a state other than Maryland, consent to venue in a county other than the county in which the property is located, or impose any costs or filing fees greater than the fees required to file an action in a circuit court, is void.