On Apr. 6, MD LEG passed bill on rights in real estate transactions.
MD LEG passed HB 697/SB 1169, requirement for commercial real estate transactions.
Adds to Business Occupations and Professions, MD LEG 17–524.1, MD LEG 17–607.1
Bill Provisions
Requires each real estate contract submitted to a party by a real estate broker for use in the sale of a commercial real estate to contain a statement on buyer's rights.
This statement should make clear that buyer has right to select their own title insurance company, settlement company, escrow company, or title lawyer.
The required statement must also contain, in bold-faced type, a statement that a seller may not be prohibited from offering owner financing as a condition of settlement.
The bill establishes similar requirements for commercial real estate transactions.
Legislative History
On Jan. 25, 2024, bill introduced in the House; on Mar. 7, 2024, bill passed in House.
On Mar. 8, 2024, bill introduced in the Senate; on Apr. 5, 2024, bill passed in Senate.
On Apr. 6, 2024, bill returned to House to be sent to governor to sign into law or veto.
Effectiveness
Upon becoming law, act takes effect Oct. 1, 2024.
Apr. 2024 MD LEG Governor Approval
On Apr. 25, 2024, MD LEG reported bill approved by governor, Chapter 198 and 199.
Regulators
MD LEG
Entity Types
CNSM; Corp
Reference
Ch. 198, 199, 4/25/2024; Bill HB0697, SB1169, 4/6/2024; Citation: MD LEG 17;
