Download Maryland Memorandum of Land Installment Contract Legal Forms

In Maryland, you may choose to record a Memorandum of Land Installment Contract instead of the full original contract in certain situations. Here are the main reasons for recording a memorandum:

1. Privacy Concerns: A memorandum is a shorter document that outlines the essential terms of the land installment contract (such as parties involved, property description, and a reference to the contract), but it does not disclose all the financial terms and sensitive information. Recording the memorandum instead of the full contract can protect the privacy of the buyer and seller by keeping detailed terms of the agreement confidential.

2. Public Notice: Recording the memorandum still provides public notice of the contract’s existence and the parties' interests in the property without having to reveal all the contract terms. This ensures that third parties are aware that a land installment contract is in effect for the property.

3. Easier and Faster Recording: Since a memorandum is a brief document, it is typically quicker and easier to record. The land records office may process it faster than the full contract, which may contain numerous pages.

You might choose to record a memorandum instead of the full contract if you want to protect privacy, simplify the recording process, and still provide public notice of the agreement. However, check with the local county office to ensure that recording a memorandum is sufficient for your purposes.

This Memorandum is executed by BOTH party(s) solely for the purpose of being recorded in the public records of Maryland to give notice of the agreement and to confirm the agreement and all of its terms to the same extent as if all of the provisions of the agreement were fully set forth herein.