In 2022, the Maryland State Legislature convened on January 12th and adjourned on April 11th. Maryland REALTORS® issues a report each year on the Maryland Legislative session to summarize the legislation that affects the real estate industry. Below is a continuation from last week’s article on the items from the report that passed:
HB 663/SB 317- State Government- Notarial Acts- Fees and Use of Communication Technology; Effective October 1, 2022
Increases the fees that notaries may charge based on whether the notarization was in person (maximum of $25) or remote (maximum of $50). The bill also clarifies that any remote notarization conducted during the pandemic emergency order was valid. Finally, the bill clarifies certain procedures regarding remote notarizations including its application to wills and trusts and clarifying the process for remote ink notarizations.
HB 777/ SB 92- Real Property- Partition of Property; Effective October 1, 2022
Provides additional protections to joint tenants whose property is being sold through a partition sale. The bill provides better disclosures, a market rate appraisal of the property, the opportunity to purchase the property and a requirement that if a partition sale is ordered, the sale would be a market sale using a real estate broker.
HB 807- Real Estate Brokers, Salespersons, and Associate Brokers- Continuing Education Courses- Verification of Identity; Effective October 1, 2022
Establishes that Zoom-type continuing education classes may use a written affidavit to verify the identity of class participants rather than showing a picture I.D.
HB 107- Cooperative Housing Corporations, Condominiums, and Homeowners Associations- Reserve Studies- Statewide; Effective October 1, 2022
Expands the requirement for reserve studies to housing cooperatives, condominiums and homeowners associations outside of Montgomery and Prince George’s County. The first reserve study would need to be completed by October 1, 2023 and updated every 5 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, Maryland.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
