Ocean City Today
https://oceancitytoday.villagesoup.com/p/1675924

Summary of bills reviewed by state Realtor association

By Lauren Bunting | Aug 03, 2017

 

 

printed 08/04/2017

 

(Aug. 4, 2017) The Maryland Association of Realtors (MAR) Legislative Committee reviewed more than 140 bills affecting real estate and homeownership included in this year’s legislative session.

They provided a summary of many bills and whether or not they passed or failed. One of the area’s covered by the MAR review was common ownership communities, such as condo associations and homeowner associations. The summary for these bills were:

HB 26/SB 247 – Real Property – Notices of Foreclosure Sale and Postponement or Cancellation of Foreclosure Sale

STATUS: PASSED – Effective Oct. 1, 2017

Clarifies that Homeowners Associations (HOAs) and condominium Council of Unit Owners (Council) receive notice of a foreclosure sale if the HOA or Council have a recorded statement of lien. It also requires notice to be given to them and the owner of the property if the sale is postponed.

HB 34 – Real Property – Homeowners Associations – Resale of Lot – Inspection Fees

STATUS: PASSED – Effective Oct.1, 2017

Establishes a maximum fee that Homeowners Associations may charge to inspect a lot. Legislation was passed last year that set the maximum fee that can be charged for HOA and Condo resale packets, but never established a fee cap for HOA inspections. HB 34 permits an inspection fee of up to $50 if an inspection is required by the governing documents of the Homeowner Association. This is in addition to HOA fees already permitted under law.

HB 41 – Real Property – Common Ownership Communities – Statewide Registration

STATUS: NOT PASSED

Created a registration requirement for common ownership communities like Homeowners Associations, Condominiums and Cooperatives. The bill levied an annual registration fee of $10 and required communities to disclose information such as: the number of units or homes and the contact information of the community manager.

HB 789 – Condominiums and Homeowners Associations – Amendment of Governing Documents

STATUS: PASSED – Effective Oct. 1, 2017

Lowers the minimum number of votes needed to approve changes to bylaws for condominiums and homeowners’ associations if at least 60 percent of the members in “good standing” approve the change. A property owner may not be more than 90 days in arrears in the payment of community assessments to be considered in “good standing.” Additionally, a community’s bylaws could require that a bylaw change be approved by less than 60 percent, but could not require approval by a greater percentage.

–Lauren Bunting is a licensed Associate Broker with Bunting Realty, Inc. in Berlin.

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