Jennifer purchased a home in Prince George's County, Maryland eight years ago as her principal residence. She sold that home last year and has been renting an apartment since then. She is now under contract to purchase a new home in Frederick County, Maryland as her principal residence. Her agent informs her she may qualify for the Maryland first-time homebuyer transfer tax benefit. Which of the following is the most accurate assessment of Jennifer's eligibility?
Correct Answer
A) Jennifer does not qualify because she owned a principal residence within the past eight years.
Maryland first-time homebuyer transfer tax treatment uses a seven-year lookback for ownership of a principal residence. Jennifer sold her principal residence last year, so she owned a principal residence within the preceding seven years. She does not qualify. The correct answer is A.
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Related Topics & Key Terms
Key Terms:
Related Concepts
TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
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