New Maryland Condominium Law - Effective June 1, 2009

Effective June, 1, 2009, a new condominium law went into effect in the State of Maryland.  GCAAR provided this announcement. in order to address these changes and the following is a summary and some helpful pointers regarding the law:

The new law requires that the Master Insurance Policy cover the Units (at least to a certain extent) in addition to the Common Areas.  It also requires that, in the event there is a loss covered by the Master Insurance Policy that emanates from a particular unit, the owner of the Unit causing the loss is responsible to pay the deductible under the Master Insurance Policy up to a maximum of $5,000.00. 

For real estate transactions, the law also requires that buyers must be given notice in a contract for the sale for a condominium in Maryland, ratified on or after June 1, 2009, that the Resale Package must advise the buyer that they might be responsible for payment of that deductible and the amount of that deductible.  IN THE EVENT THAT SUCH NOTICE IS NOT INCLUDED IN THE SALES CONTRACT, THE CONTRACT IS UNENFORCEABLE

We represent home buyers and sellers as their exclusive agents in the Maryland suburbs of Washington DC. 

Roy Kelley
Roy Kelley & Associates
Associate Broker, RE/MAX Realty Group 

Client Assistance:  301-670-8996   

Recipient of the RE/MAX International Lifetime Achievement Award - 2008

 
This post has been included in Maryland Real Estate News
Post is included in group: Maryland Real Estate and Mortgage Group

4 Comments on New Maryland Condominium Law - Effective June 1, 2009

JUN
09
2009
1,929,096 Points 155 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I actually think this is a good law, why should the other members of the HOA be responsible for the $5,000 deductable resulting in higher HOA fees because of one units fire.

Todd Clark - www.LivingBeaverton.com
12:44am • #1
OCT
03
2009

What is the most condo fee can be rised 15%  max please let me know
ron hammonds
6:00pm • #2

What is the most condo fee can be rised 15%  max please let me know
ron hammonds
6:00pm • #3
1,444,002 Points 26 Featured Posts Outside Blog Called Shot Master

Ron:  There is no maximum on raising condo fees in Maryland.
7:53pm • #4

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Roy Kelley, Montgomery County, MD Homes For Sale

Gaithersburg, MD

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Roy Kelley advises home buyers, sellers and REO asset managers, in the Maryland suburbs of Washington DC and nearby counties. REO and foreclosures sales. Market area includes Montgomery County, Frederick County, Washington County and Prince George's County. Real Estate blogs


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