A Maryland Notice of Caveat is a legal document used to protect the rights of a party involved in a real estate transaction in the state of Maryland. The purpose of the notice is to alert potential creditors that there is an interest in the subject property. The notice must be filed with the Maryland Land Records Office and will remain in effect for six months. There are two types of Maryland Notice of Caveat: an owner’s caveat and a lender’s caveat. An owner’s caveat is used to indicate that the owner has an interest in the real estate transaction and is preventing others from taking any action on the property without their consent. A lender’s caveat is used to alert potential creditors that the lender has an interest in the property and is protecting its right to the property. Both types of Maryland Notice of Caveat must be filed with the appropriate office in order to be legally enforceable.
A Maryland Notice of Caveat is a legal document used to protect the rights of a party involved in a real estate transaction in the state of Maryland. The purpose of the notice is to alert potential creditors that there is an interest in the subject property. The notice must be filed with the Maryland Land Records Office and will remain in effect for six months. There are two types of Maryland Notice of Caveat: an owner’s caveat and a lender’s caveat. An owner’s caveat is used to indicate that the owner has an interest in the real estate transaction and is preventing others from taking any action on the property without their consent. A lender’s caveat is used to alert potential creditors that the lender has an interest in the property and is protecting its right to the property. Both types of Maryland Notice of Caveat must be filed with the appropriate office in order to be legally enforceable.
