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Maryland Senate Passes Bill Requiring HOAs To Provide Resale Disclosure Information And Limiting Fees Charged By HOAs and Condos

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.