As a title company, Maryland real estate laws are incredibly important to us. They’re also incredibly impactful to our lender and real estate agent clientele. That’s why we are giving a summary of a recent report published by Maryland Realtors that summarizes the successes and failures of their advocacy campaigns during the most recent legislative session.
Real Property – Deletion of Ownership Restrictions Based on Race, Religious Belief, or National Origin – Passed
Makes it far easier to remove illegal covenants affecting race, religious belief or national origin from property records. See the entire bill at SB 621.
Brokers – Business Succession in the Event of Disability – Passed
- Expands the rules regarding business succession in the event of a broker’s death to business succession when a broker is permanently disabled. See the entire bill at HB 1482/SB 846.
Real Estate Guaranty Fund – Fund Transfer – Passed
- Provides budget flexibility to the Real Estate Commission to avoid unnecessary fee assessments on real estate licensees. See the entire bill at HB 1656/SB 843.
Sea Level Rise Real Estate Disclosure – Partially Passed
- Among other provisions, requires a seller of property to indicate whether the property would be impacted by sea level rise and provide a map of how the property would be impacted. Passed but the real estate disclosure was removed from the bill. See the entire bill at HB 1350/SB 1006
Limited Residential Lodging – Defeated
- Would have required homeowners to register as a hotel or motel and comply with associated laws if they listed their property on sites like Airbnb. HB 1604/SB 1081 was defeated by the House Economic Matters Committee.
Tenant Late Payments – Defeated
- Would have protected tenants from late fees if their rent payment was late because a government benefit had been late. HB 580/SB 250 was defeated in the House Environment and Transportation Committee.
To see the rest of the legislation report, click here. Maryland Realtors have promised a more expansive report in the coming months.
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