New Maryland Condominium Law - Effective June 1, 2009

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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

Posted by

Roy Kelley, Associate Broker

Realty Group Referrals

6 Montgomery Village Ave., Suite 200

Gaithersburg, MD 20879

Main Office:  301-258-7757 (You will not reach me at this number)

Send a message if you need my contact phone numbers. I have retired from RE/MAX Realty Group.

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Topic:
Real Estate General Information
Location:
Maryland
Groups:
Maryland Real Estate and Mortgage Group
Tags:
maryland foreclosures
remax realty group
gaithersburg
2009
roy kelley
new maryland condominium law effective june 1

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Ambassador
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The Friendly Home Team
Realty Pro Oregon, LLC - Beaverton, OR
Brokers - Oregon / SW Washington Real Estate

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

Jun 09, 2009 12:44 AM #1
Anonymous
ron hammonds

What is the most condo fee can be rised 15%  max please let me know

Oct 03, 2009 06:00 PM #2
Anonymous
ron hammonds

What is the most condo fee can be rised 15%  max please let me know

Oct 03, 2009 06:00 PM #3
Rainmaker
2,412,442
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Ron:  There is no maximum on raising condo fees in Maryland.

Oct 03, 2009 07:53 PM #4
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Rainmaker
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Roy Kelley

Roy and Dolores Kelley Photographs
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