Legal Question in Real Estate Law in Maryland
Leaseholder
I recently sold my home. Now I am told that the new title company wants 3 years of ground rent, plus $500.00 legal fees, because the leaseholder cannot be located. I have lived here less then 1 year.
Is this legal?
1 Answer from Attorneys
Re: Leaseholder
Ground rent is rent paid to owner of the land for use of property. The purpose of the title company is to issue insurance to a lender, borrower, or seller that protects against the risk of unmarketable title. Your sales contract should have recited that there was a leasehold estate being sold. Where a seller fails to clearly indicate this, the seller may be forced to redeem the ground rent in order to convey good title. The question is, was there disclosure? Was the buyer given notice of the leasehold in the sales contract?
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