| Item | Value |
|---|---|
| Is an assignment legal here? | yes |
| What the matrix says about it | Assignment of one's own purchase contract is a common-law right and is not itself licensed activity in this state; the constraint is on MARKETING and on DISCLOSURE. |
| Marketing rule the gate enforces | contract_only_statutory |
| What that means in practice | Md. Code, Real Property 10-715 defines a 'wholesale buyer' as 'a person that enters into a contract of sale with an owner of owner-occupied residential property in order to assign the contract to another person for a monetary assignment fee', and a 'wholesale seller' as 'a person that, without holding legal title to owner-occupied residential property: (i) Enters into a contract of sale for the property; and (ii) Assigns the person's beneficial interest in the property to another.' The wholesale buyer must disclose IN WRITING to the owner, BEFORE entering into a contract, that the contract may be assigned. The wholesale seller must disclose in writing to a prospective assignee that it holds only an equitable interest and may not be able to convey title. Omission => the owner may rescind without penalty; the assignee may rescind and recover deposits. 'Residential property' = 4 or fewer dwelling units. |
| What triggers a licence requirement | Md. Real Prop. 10-715 does NOT require a licence. It requires written disclosure; omission gives the counterparty a rescission right. |
| Written seller disclosure required? | yes |
| Basis for the disclosure | Md. Code, Real Property 10-715 |
| Statutory wording required? | yes — 10-715 prescribes the CONTENT of the two disclosures, not a form. Owner/counsel must confirm the current text before first live use. |
| F5259 bucket | GO_WITH_CONDITIONS |
| Condition the gate enforces | Both disclosures must be in WRITING and the seller-side one must precede contract execution. Statute is limited to OWNER-OCCUPIED residential property. |
| Verification status | PRIMARY_STATUTE |
| Attorney review required before first use? | yes |
| Lead class | Verdict |
|---|---|
| land | GO_WITH_DISCLOSURE |
| preforeclosure non owner occupied | NO |
| preforeclosure owner occupied | NO |
| probate | GO_WITH_DISCLOSURE |
| tax delinquent | GO_WITH_DISCLOSURE |
the whole grid · probate in MD · the disclosure blocks
Not legal advice. We are not a law firm and we do not draft documents for anyone else. A template is a starting point for a transaction you are a principal in; it is not a substitute for a lawyer licensed in the state the property sits in, and in several states the disclosure below has statutory wording that must be copied exactly. Have counsel read it before you sign.
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