Maryland may require mortgage contingency provision on new home sales

One builder reportedly made more than $125 million in revenue since 2006 from canceled contracts.

By Peter Fabris, Contributor | March 11, 2015

Maryland is considering a law that would require a mortgage contingency provision in contracts between builders and buyers on new home sales.

The legislation was prompted by homebuyer complaints to lawmakers that Toll Brothers refused to refund their deposits after they failed to qualify for mortgages.

Toll Brothers reportedly collected more than $125 million in revenue since 2006 from down payments involving canceled contracts.

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