Legal Question in Real Estate Law in Maryland

Re: MD installment sale contract not filed for 3 year

To make an installment sale contract legal, it should clearly describe the property that is being purchased. If it's real estate, it should include the legal description, which will be the Lot and Block or metes and bounds found in the deed. It should state the amount being paid for the property and the terms of payment, including when payments are to be made. If there is to be a penalty if payments are late, that should be spelled out. It should also obligate the seller to deed over the property at such time as payment is made in full or some other triggering event. There should also be default provisions in the event the purchaser fails to comply with the payment schedule.

As the above should suggest to you, you would be well advised to have an experienced real estate attorney prepare such a document.