Wednesday, September 29, 2010

Ground Rents come out of the shadow and into the light

The deadline for registering ground rents is here! By statute, an unregistered ground rent may not be sued upon or foreclosed if not registered with the State Department of Assessents and Taxation. However, the Anne Arundel County litigation by ground rent owners that are contesting the constitutionality of the statute has left settlement companies and title insurers to continue with the old practice--"escrow three years of payments."