Q: Does 3-101 require a Memorandum of option if the tenant has only occupied the property for 5 years?
3-101 (c) seems to suggest that an exception to the requirement is made to tenants with leases shorter than a 7-year period and the renewals are shorter than a 7-year period.
3-101(f) 2 seems to suggest that if 3-101 (c) is sound, then the Memorandum of Option isn't required. Am I reading that correctly?
The tenant has a year-to-year lease and has lived in the property for 5 years. My understanding is that in Baltimore County, the owner could sell the property without providing a Memorandum of Option due to the rule in 3-101 (c).
A: It's not clear from the question what the issue is. R.P. 301 simply mandates that deeds to real property and leases over 7 years have to be executed and recorded in order to be effective. 301(f) extends that requirement to executing and recording options to buy, and gives the alternative means of recording a memorandum. There's no restriction on the ability of an owner to sell in 301.
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