A bill signed into law by Governor Martin O’Malley on May 8, 2007, stated that all Ground Rents in the state of Maryland needed to be registered by September 30, 2010 or the ground rents would be at risk to be nullified.
On June 18, I wrote about a class action lawsuit that was certified, allowing Maryland ground rent owners to sue the State over being unable to seize properties as they had in the past, potentially costing them millions of dollars. Should these owners win the suit, it could cost the state hundreds of millions of dollars.
The Maryland ground rent registry issue is a separate one, but one title insurance company, Fidelity National Title Group, which underwrites title policies for Mid Atlantic Settlement Services, among many other title companies, is stating up front that until the suit has been resolved, policies will remain unchanged. According to their notice to title companies, they will continue to insure leasehold properties as such, whether they have been registered or not.
Derek Massey, President of Mid-Atlantic Settlement Services, states that it will be business as usual, following these guidelines as sent out by Fidelity.
Please contact me for more information on Baltimore ground rent homes and how ground rent can affect you as a homeowner.
[…] extinguished, as if they were still leasehold properties. I wrote about this last September when ground rent registrations were […]