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Health & Fitness

Maryland General Assembly 2011 Legislative Update

Thought you may be interested in knowing some of the results of the bills passed in the 2011 Maryland General Assembly regarding real estate transactions in Maryland.

Maryland General Assembly 2011 Legislative Update - Affordable Housing and Taxes

Thought you may be interested in knowing some of the results of the bills passed in the 2011 Maryland General Assembly regarding Real Estate Transactions in Maryland.  Below is a summary of the most important legislation affecting real estate.

HB 72BUDGET RECONCILIATION AND FINANCING ACT OF 2011 – RECORDING FEES -STATUS: PASSED – Effective July 1, 2011 – July1, 2015 – Increases the real estate recording fee, for each recordable document from $20 to $40. 

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HB 437 – REAL PROPERTY – SALES OF NEW HOMES – MINIMUM VISITABILITY FEATURES – STATUS: PASSED – Applies to any planned subdivision receiving preliminary plan approval on or after October 1, 2012. – Requires certain new subdivisions receiving preliminary plan approval on or after October 1, 2012 to offer consumers an option to purchase a “visitable” home.  The law applies only to subdivisions of 11 or more single family, detached units.  To be “visitable,” a home must include a ground level entrance at least 36 inches in width and accessible to parking or a public right of way, with no vertical obstacles such as steps or curbs.

HB 521/SB 328 – ESTATES AND TRUSTS – TRANSFERS – RECORDATION AND TRANSFER TAXES – STATUS – PASSED – Effective July 1, 2011 – Clarifies that transfer and recordation taxes may not be imposed on a mortgage or deed of trust that is transferred as part of an estate or trust to a beneficiary or a trust as long as there was no consideration.  The bill provides a more uniform treatment of estate and trust property; some counties impose transfer and recordation taxes on the mortgage or deed of trust when property is transferred as part of the management of the estate or trust.

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See you next time with some more real estate laws and regulations.

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