The General Assembly of Maryland is contemplating a bill that, if passed would require a purchaser in a foreclosure sale to close within a certain time period, as well as record the deed transferring title to the property within a certain amount of time.
Under HB 508, introduced by Dels. Anne Healey, D-Prince George’s County and H. Wayne Norman Jr., R-Harford County, within 60 days after the entry of a final order ratifying a sale in an action to foreclose a mortgage or deed of trust, the purchaser at the foreclosure sale would have to close on the transaction.
The purchaser would also need to record a deed transferring title to the property to himself or herself within that 60-day period.
If passed, the bill would go into effect on Oct. 1.