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#5 - Maryland General Assembly 2011 Legislative Update

by John Collins, REALTOR

#5 - Maryland General Assembly 2011 Legislative Update

Maryland General Assembly 2011 Legislative Update – Real Estate Brokerage and Contracts

HB – 509 – REAL PROPERTY – MORTGAGES – ENFORCEMENT – STATUS: PASSED – Effective April 12, 2011 – Authorizes the Commissioner of Financial Regulation to enforce the foreclosure and mortgage fraud laws in Maryland.  Clarifies that the Commission may use certain investigative authority as well as compel violators of the law to make restitution to victims.

HB – 944 – FINANCIAL INSTITUTIONS – MORTGAGE LENDERS AND MORTGAGE LOAN ORIGINATORS – STATUS: PASSED – Effective October 1, 2011 – Requires a person who is exempt from State Mortgage Licensing requirements to register with the Nationwide Mortgage Licensing System and Registry (NMLS) if the person employs a licensed mortgage loan originator.  This change conforms to State Law with new requirements in the Federal Secure and Fair Enforcement for Mortgage Licensing Act (SAFE ACT).

HB – 1038 – COMMERCIAL LAW – RESIDENTIAL MORTGAGE LOANS – ESCROW AMOUNTS – STATUS: PASSED – Effective October 1, 2011 – Prohibits a lender from charging interest for up to one year on the amount of additional escrow money a lender requires a borrower to pay after establishment of the original escrow.

HB – 1041/SB – 256 – BUSINESS REGULATION – DEFINITION OF HOMEBUILDER – STATUS PASSED – Effective October 1, 2011 – Requires developers to register as a homebuilder if the developer enters into contracts with consumers to provide or construct homes.

HB – 1049 – REAL ESTATE BROKERS – INTRACOMPANY AGENTS – STATE PASSED: Effective October 1, 2011 – Authorizes a broker to appoint another licensee in the office to designate the intra-company agents working for the same real estate team.  The designee appointed by the broker may not be a member of that real estate team.   Prior to this change, the broker of record was the only licensee authorized to designate the intra-company agents for real estate teams.

http://www.msa.md.gov/msa/mdmanual/07leg/html/sessions/2011.html

HOMEOWNERSHIP MATTERS TO PEOPLE - TO COMMUNITIES – TO AMERICA

by John Collins, REALTOR

HOMEOWNERSHIP MATTERS TO PEOPLE - TO COMMUNITIES – TO AMERICA

According to Cathy A. Werner, President of the Maryland Association of Realtors, over 8,000 members of the National Association of Realtors from around the country were in Washington, D.C. to meet with their states’ Congressional Delegations.  Their message was simple:  “Don’t let homeownership become out of reach for future generations.”

They urged their members of Congress to remember some key points as they make decisions that threaten homeownership:

Maintain the mortgage interest deductions (MID).  Any change to this deduction will slow the housing recovery in Maryland, where home owners are the highest users of MID in the country.  They were urged to cosponsor H.Res 25 to keep the MID.

 Allow for reasonable down payments.  The proposed 20% regulatory requirements for “qualified residential mortgages” will subject the vast majority of credit worthy borrowers to higher rates and other hurdles.  Congress must ensure that home mortgage loans are available to credit worthy consumers in every community.  Increasing down payments only puts homeownership out of reach for many Maryland families. 

 Preserve the 30-year fixed rate home mortgage.  The federal government must have a role in the secondary mortgage market.  If it does not, the 30-year fixed rate mortgage will be a thing of the past, and mortgage rates with much higher.

Email your Congressional Representative to tell them :  “Don’t let homeownership become out of reach for future generations.”

#4 - Maryland General Assembly 2011 Legislative Update

by John Collins, REALTOR

#4 - Maryland General Assembly 2011 Legislative Update

Maryland General Assembly 2011 Legislative Update – Real Estate Brokerage and Contracts

HB – 289/SB 410 – STATE HIGHWAY ADMINISTRATION – UNAUTHORIZED SIGNS ON HIGHWAY RIGHTS-OF-WAY – STATUS: PASSED – Effective October 1, 2011Authorizes local governments (on behalf of the state) to enforce the current prohibition against signs on state highway rights-of-way through an administrative fine and sign collection.  The fine is $25 per sign, and requires local jurisdictions to forego collecting fines for the first three months so that individuals may be educated about the new requirement.

HB - 379/SB-334 – REAL PROPERTY – DEPOSITS OF NEW HOMES  - ESCROW ACCOUNTS – STATUS: PASSED – Effective  July 1, 2011 – Clarifies that a builder must open  an escrow account prior to construction of a new residential unit, and maintain the funds  in the account until the home is completed.  Clarifies that money deposited in an escrow account to pay a construction draw schedule may be released in accordance with the draw schedule.   The bill addresses ambiguities in current law due to a recent court case.

For more information:  http://mlis.state.md.us/

 

#3 - Maryland General Assembly 2011 Legislative Update

by John Collins, REALTOR

#3 - Maryland General Assembly 2011 Legislative Update

Maryland General Assembly 2011 Legislative Update – Real Estate Brokerage and Contracts

HB-102 – FINANCIAL INSTITUIONS – MORTGAGE LOAN ORIGINATORS – PROHIBITED ACTS – STATUS: PASSED – Effective October 1, 2011 –  Prohibits a mortgage loan originatore from make a payment, threat, or promise in order to improperly influence the independent judgement of a  real estate appraiser.  However, HB102 stills permits a mortgage loan originator to request the appraiser to : consider additional information; provide further substantiation of appraiser’s conclustions; and correct errors.  Payment may also be withheld if the appraisal is subject to  a legal or administrative action.

HB-128 – CONSUMER LAW – MARYLAND CONSUMER PROTECTION ACT – SCOPE – STATUS: PASSED – Effective October 1, 2011Adds merchants whose business includes paying off consumer debt in connection with consumer goods and realty to the purview of the unfair or deceptive trade practices act if the merchant is purchasing consumer goods or realty.

For more information:   http://mlis.state.md.us/

#2 - Maryland General Assembly 2011 Legislative Update

by John Collins, REALTOR

#2 - Maryland General Assembly 2011 Legislative Update

Maryland General Assembly 2011 Legislative Update – Affordable Housing and Taxes

HB-1245 – RECORDATION TAX AND STATE TRANSFER TAX – EXEMPTIONS – STATUS:  PASSED – Effective July 1, 2011 – Expands the class of intra-family real property transfers that are exempt from recordation and transfer taxes to grandparents and step-grandparents.

Maryland General Assembly 2011 Legislative Update – Miscellaneous

SB 182 – MARYLAND HEALTH BENEFIT EXCHANGE ACT OF 2011 – STATUS: PASSED – Effective June 1, 2011Provides the initial framework of the Health Benefit Exchanges that will become available to all Marylanders in 2014.  These state exchanges are intended to provide greater choice and affordability in health insurance particularly to indidividuals like independent contractors.

Maryland General Assembly 2011 Legislative Update – Commercial

HB 463 – PROPERTY TAX – SEMI-ANNUAL PAYMENT SCHEDULE – BUSINESS PROPERTY – STATUS: PASSED – Effective to tax years starting after June 30, 2012Expands the number of businesses that may pay property taxes under a semi-annual schedule.  Under the existing law, only a small business assigned a commercial use code by the State Department of Assessments and Taxation and whose annual property taxes does not exceed $50,000 may pay property taxes on a semi-annual schedule.  This bill allows any business assigned a commercial use code and paying property taxes up to $100,000 to pay taxes semi-annually.

HB 601 – SUSTAINABLE COMMUNITIES TAX CREDIT PROGRAM – ELIGIBILITY – STATUS: PASSED: Effective July 1, 2011 – Clarifies that the Sustainable Communities Tax Credit may be used for commercial properties that have already begun rehabilitation work, if the rehabilitation work had already been approved under the Federal Historic Tax Credit.

For more information:   http://mlis.state.md.us/

 

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 $20.00 to $40.00. 

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.

Broadneck (21409 - 21012) Settled Homes - May, 2011

by John Collins, REALTOR
SETTLED Broadneck (21409 - 21012) HOMES        
May 1, 2011 – May 31, 2011        
Zip Code 21012 and 21409          
         
Address Sub-Division Zip Close Date Close Price
1616 Winchester Rd. North None 21409 5/23/2011 1,125,000
2035 Chesapeake Road Tydings on Bay 21409 5/9/2011 1,000,000
161 Ferguson Road Aaron 21409 5/2/2011 789,000
1722 Long Green Drive Great Meadow 21409 5/24/2011 714,000
893 Holly Drive Amberley 21409 5/25/2011 585,000
2034 Chesapeake Road Tydings on Bay 21409 5/13/2011 575,000
1603 Comanche Road Winchester Estates 21012 5/26/2011 530,000
1685 Sam Ryder Road Sturbridge 21012 5/5/2011 526,250
605 Martingale Lane Moorings On Magothy 21012 5/23/2011 395,000
406 Century Vista Drive Spriggs Cove 21012 5/6/2011 362,500
526 Wood Duck Lane Waters Edge 21409 5/16/2011 367,450
1002 Blakiston Court Harting Farms 21012 5/12/2011 357,500
1030 Mountain Top Drive Cape St. Claire 21409 5/26/2011 315,000
960 Mount Holly Drive Cape St. Claire 21409 5/12/2011 299,900
1464 Bay Green Drive Bay Hills 21012 5/11/2011 280,000
1097 Linden Tree Drive Cape St. Claire 21409 5/2/2011 280,000
129 Brent Road Fernbrook 21012 5/20/2011 265,000
1656 Canonade Court Revell Downs 21409 5/31/2011 265,000
1470 Bay Green Drive Bay Hills 21012 5/25/2011 262,400
522 Greenblades Court Ulmstead Gardens 21012 5/13/2011 235,000
1033 Commanders Way, North Admirals Walk 21409 5/16/2011 224,900
475 Louise Lane Longview 21012 5/20/2011 220,000
302 Sloping Woods Court Whispering Woods 21409 5/26/2011 209,500
1334 Hazel Nut Court Walnut Ridge 21409 5/11/2011 193,000
1424 Greendale Court North Port 21012 5/18/2011 166,000
1613 Woodtree Court Whispering Woods 21409 5/12/2011 168,000
305 Haskell Drive Fernbrook 21409 5/31/2011 159,900
359 Capetown Road Capetowne 21012      5/19/2011 147,500
348 Alameda Parkway Belvedere Beach 21012 5/4/2011 133,000

If you want a FREE Market Evaluation of your home or are looking to buy a home give John a call at 410-224-4999.

Displaying blog entries 1-7 of 7

Contact Information

Photo of John Collins, Realtor Real Estate
John Collins, Realtor
JohnCollinsGroup of Long & Foster Real Estate, Inc
108 Old Solomons Island Road - U4
Annapolis MD 21401
Office: 410-224-4999
Cell: 410-693-6000
Fax: 410-224-4032 Email: John@JohnCollinsGroup.
John Collins, Realtor
 Office: 410-224-4999 * Cell: 410-693-6000
www.JohnCollinsGroup.Com
 of Long & Foster Real Estate, Inc.   
Office: 410-224-4999 Cell: 410-693-6000 Fax: 410-224-4032
Email -
John@JohnCollinsGroup.com
108 Old Solomons Island Road, Suite U-4
Annapolis, Maryland 21401

We will never sell or divulge your email address to any vendor or other organization.

The finest compliment I can receive is a referral from a friend, client or colleague. If you know of someone thinking of buying or selling real estate, I would appreciate an introduction.  Please be assured I will extend them my highest degree of service and professionalism. John Collins, Realtor