Changes could affect real estate | Real estate report

(June 3, 2022) Maryland Realtors annually release a report on the Maryland legislative session, which ran from January 12 to April 11, to summarize legislation that affects the real estate industry.

Below is a follow-up to last week’s article on which elements of the report were adopted:

• HB 663/SB 317 – State Government – Deeds – Charges and use of communication technologies; As of October 1:

Increases the fees that notaries can charge depending on whether the notarization was done in person (maximum of $25) or remotely (maximum of $50).

The bill also clarifies that any remote notarization performed during the pandemic emergency order was valid. Finally, the bill clarifies certain procedures regarding remote notarizations, including its application to wills and trusts and clarifies the remote notarization process.

• HB 777/ SB 92 – Real estate – Division of property; As of October 1:

Provides additional protections to roommates whose property is sold through a partition sale.

The bill provides for better disclosures, a market rate valuation of the property, the ability to purchase the property, and a requirement that if a partition sale is ordered, the sale would be a market sale by the through a real estate broker.

• HB 807 – Real Estate Brokers, Salespersons and Associate Brokers – Continuing Education Course – Identity Verification; As of October 1:

Establishes that Zoom-like continuing education courses can use a written affidavit to verify the identity of course participants rather than showing photo ID

• HB 107 – Housing Cooperatives, Condominiums, and Homeowners Associations – On-Reserve Studies – Statewide; As of October 1:

Extends the reserve study requirement to housing co-ops, condominiums and homeowners associations outside of Montgomery and Prince George’s County.

The first reserves study is expected to be completed by October 1, 2023 and updated every five years. The bill applies prospectively to new communities established after October 1, 2022.

– Lauren Bunting is an Associate Broker with Keller Williams Realty of Delmarva in Ocean City.

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