Property Ownership
Maryland's 'Ground Rent Redemption Act' allowed homeowners to:
ARedeem ground rent certificates through a special MREC process
BExtinguish the ground rent obligation by paying the capitalized value to the ground rent holder✓ Correct
CConvert residential property to commercial use
DTransfer the ground rent obligation to a third party
Explanation
Maryland's Ground Rent Redemption Act gave homeowners the statutory right to extinguish ground rent obligations by paying the capitalized value, allowing full fee simple ownership.
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Key Terms to Know
Fee Simple
The highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
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