Code of Maryland Regulations
Title 09 - MARYLAND DEPARTMENT OF LABOR
Subtitle 11 - REAL ESTATE COMMISSION
Chapter 09.11.04 - Time Share Registrations
Section 09.11.04.03 - Records of Transactions
Current through Register Vol. 51, No. 6, March 22, 2024
A. The developer shall maintain records of the names and addresses of licensed real estate brokers, employees, or independent contractors employed by it for the purpose of sales of time share estates in Maryland, and make those records available to the Commission upon request.
B. Purchase Money.
C. The developer shall maintain records of all transactions regarding the sale of time share estates sold in Maryland. The records shall include copies of the contract of sale, mortgage deed of trust, and documentation reflecting the disposition of purchase money obtained directly from the purchaser, or from the developers' agents, employees, licensed real estate brokers or independent contractors engaged by the developer.
D. A time share estate may not be offered for sale until the developer has forwarded to the Commission a list of all the estates, including the address, type of estate, and the nature of any encumbrance existing on the property.