Real Estate Information

Annapolis, Maryland is the home of the United States Naval Academy, which has trained and developed officers for the United States Navy since its founding in 1845. Over 60,000 young men and women have graduated from the Academy in its history and every year 1,200 students from all corners of the county take the plunge by diving into the Academy’s challenging curriculum. With a rich history and tradition, the Academy represents America’s past, but by preparing leaders to honor and defend our homeland, it also represents the future.

Undergraduates, also known as midshipmen at the Academy, receive an exemplary four-year education that builds character, body and mind. The core curriculum includes courses in science, mathematics, engineering, humanities, leadership, morality and physical training. This well-rounded education produces honorable and effective officers. Extracurricular activities are also available at the academy to broaden each midshipman’s horizons beyond the classroom, including community service groups, heritage clubs and social and religious groups.

Even if you aren’t attending the Academy, there is much to do and see at the Armel-Leftwich Visitor Center. The Visitor Center has guided tours daily that will show and teach visitors about the extraordinary history of the Academy and its most distinguished graduates. Some must-sees here include the U.S. Naval Academy Museum, the Crypt of John Paul Jones, a Navy war hero, and the Naval Academy Chapel. There is also an inspirational film and more exhibits at the Visitor Center to enhance your understanding of what it means to be in the U.S. Navy. Learn a little bit about U.S. history and show some pride in your country by visiting the U.S. Naval Academy today!

The Ride for Life, a fundraiser supporting the American Cancer Association, will take place on August 27^th. The event, hosted by the Chesapeake Christian Fellowship, will feature a 20/40 mile ride that starts at the CCF building, located at 377 W Central Avenue in Davidsonville, MD. The ride then runs through the natural Anne Arundel Country woodlands. After riders cross the finish line they can purchase refreshments provided by CCF’s Hospitality Committee. Participants can register up to the date of the event for a fee of $25 online at www.chesapeakechristianfellowship.org/ or by mailing in to the CCF office. All proceeds will go to the American Cancer Association, as well as all other donations, which of course, are encouraged.

Cancer is a disease that affects us all in some way. Everyone knows someone afflicted, whether it’s ourselves, a family member or a friend. The Ride for Life gives all of us the opportunity to help in the fight. Riders get a free Tek shirt along with the knowledge and feeling that they have truly made a difference in someone’s life. Come enjoy a fun bike ride through the peaceful Maryland countryside and support the American Cancer Association at the same time! You can visit http://www.rideforlife-makingadifference.org/page7.html for more information and details on the event.

The Annapolis Gallery Association is hosting one of the city’s favorite events, its Annual Annapolis Art Walk on Thursday August, 18^th. From 5 p.m. to 9 p.m. art lovers and visitors will be able to view distinctive pieces from talented artists representing more than 20 galleries in downtown. All it takes is a stroll down the streets of Annapolis, enjoying live music and refreshments along the way. Signs and a map will be provided to help guide walkers to each gallery’s exhibit.

The Annapolis Marine Art Gallery, the Main St. Gallery and the American Craftworks Collection are just a small sample of the galleries that will be displaying their work and providing demonstrations to the public. Potters and painters will be showing art lovers how their work is created and the detail that goes into each piece. Guests will not only get the opportunity to see quality local art up close, but will enjoy the opportunity to learn more about different art forms. Even if you attended the event last year, don’t think that it will be the same in 2011. This year’s Annapolis Art Walk features new artists displaying their skill and craftsmanship in various forms of media and visual arts. Annapolis is blessed with a wide variety of artistic talent, so come visit downtown Annapolis and enjoy the local culture!

#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

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

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, 2011 – Authorizes 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

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, 2011 – Adds 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

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, 2011 – Provides 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, 2012 – Expands 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 72 – BUDGET 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.