by Raymond Daniel Burke | Mar 27, 2014
By a vote of 45 – 2, the Maryland Senate has passed SB 229, which would require Homeowners Associations to make re-sale disclosure information available upon written request of a lot owner. Presently, Section 11B-106 of the Maryland Homeowners Association Act provides that certain information be provided to a prospective purchaser in the community, and that specific information be included in the contract of sale. The approved bill provides that, within twenty days of receiving a written request from the selling owner, the homeowners association must provide the information necessary for the owner to comply with the disclosure requirements. It also limits the fee that could be charged to the owner for preparing the information to the actual cost up to a maximum of $50. It also would impose this same $50 limit in charges by condominium councils of unit owners for furnishing the re-sale disclosure information they are required to provide under Section 11-135 of the Maryland Condominium Act. A companion bill is pending before the House of Delegates as HB 412.
by Raymond Daniel Burke | Mar 21, 2014
Please look for the ad for this blog in the program for this weekend’s Home and Condo Show in Ocean City. The show begins today and runs through Sunday at the R.E. Powell Convention Center. Hours are Friday Noon – 6:00 pm, Saturday 10:00 am – 6:00 pm, and Sunday 10:30 am – 3:30 pm.
by Raymond Daniel Burke | Mar 20, 2014
Here is a link to my opinion/commentary piece in today’s Baltimore Sun: http://www.baltimoresun.com/news/opinion/oped/bs-ed-corvette-economics-20140319,0,1019974.story
by Raymond Daniel Burke | Mar 18, 2014
House Bill 1080, now pending in the Maryland House of Delegates, would establish revised disclosure requirements and procedures in both initial sales and re-sales of residential condominium units. The most extensive changes would impact re-sale contracts. In addition to providing purchasers with additional rights of rescission, councils of unit owners would be required to furnish information requested by a seller to be disclosed to a purchaser with seven days after the request rather than the current twenty days. In particular, purchasers would be entitled to receive notice of any significant change in the disclosure information once it is provided. With regard to re-sales of existing condominium units, the proposed new law would amend Section 11-135 of the Maryland Condominium Act, which requires certain disclosures to purchasers by both the council of unit owners and the selling unit owner. The bill would also add new Section 11-135.1 to exclusively apply to condominiums having less than seven units. With regard to initial sales of new condominium units, the proposed law would amend Section 11-126, and impose certain new disclosure requirements on developers. (more…)
by Raymond Daniel Burke | Mar 12, 2014
The Maryland General Assembly is considering a bill that would require condominiums to remove limits on the number or percentage of units that can be rented, if the unit owner demonstrates “financial hardship” and meets certain other requirements. House Bill 1039 would establish new Section 11-111.4 in the Maryland Condominium Act, and provide that unit owners who meet one of the bill’s six definitions of financial hardship may request a waiver from any rental limitations applicable to the community. The unit must be the owner’s primary residence, and the appraised value of the unit must be less than 90% of what is owed. The exception to rental restrictions would be for a term of three years. (more…)
