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Broker and Manager Forum

Stay informed about the latest laws and agreements affecting real estate transactions in 2019. Get details on escrow, confidentiality, mortgage debt, notary laws, licensing, conservation easements, and more.

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Broker and Manager Forum

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  1. Broker and Manager Forum 2019

  2. Escrow Agreement Law • Does not apply to: • Real Estate Licensees • Homebuilders (only initial sale exempted) • Lenders including Credit Unions • Commercial transactions

  3. Escrow Agreement Law • Requirements: • Applies only to “escrow agents” • Escrow agent must enter into written agreement with the purchaser and seller when the agent agrees to hold trust money

  4. Escrow Agreement Law • Written agreement must contain: • Amount of Trust money • Date money was entrusted to the escrow agent • Responsibility of the escrow agent to notify parties if the trust money returned due to dishonored funds • Conditions under which the escrow agent may release funds • The process to address disputes over the release

  5. Escrow Agreement Law

  6. Confidentiality Law • Confidential Information: • Price • Motivation • Facts leading to sale or purchase • Negotiating Strategy

  7. Confidentiality Law • Confidentiality is not just a duty of agent in a “client” relationship • Also applies to: • Non-client after termination of agent/client relationship • Prospective clients • Must be obtained in anticipation of forming a brokerage relationship

  8. Mortgage Debt Cancellation Law

  9. Mortgage Debt Cancellation Law • State Mortgage Forgiveness • State credit applies if federal credit is not extended • State Credit: • Extended Permanently • Applies only against the state income tax

  10. Remote Notary Law https://youtu.be/JvoMzlIBJa0 Video Link to Remote Notary

  11. Remote Notary Law • Law • Examination and test to be notary or renew notary license • Permits remote notarization

  12. Criminal Record Law - Licensees • If a period of 7 years has passed since the person completed the sentence, a person cannot be denied solely a license for a crime even it was directly related to the occupational license • Unless the person was convicted of another crime other than a minor traffic violation

  13. Team Advertising Law • Team: 2 or more licensees who: • Work together on a regular basis • Represent themselves as members of a single entity; AND • Use a collective name such as: • Team • Group • “and Associates”

  14. Expedited Licensing - Veterans • The law now allows a full license to be granted to a veteran, military service member or military spouse • Must meet following conditions: • Hold a license in good standing from a state with substantially equivalent requirements • Submit proof of identify and military or veteran status • Proof of legal residence in Maryland

  15. Expedited Licensing - Veterans License must be issued within 60 days The Department must publish on its website the process for obtaining an expedited license

  16. Notice of Conservation Easement Law • Authorizes certain entities to file a “notice of easement” in the land records • Applies to: • Easements • Covenants • Restrictions, or • Other conditions

  17. Notice of Conservation Easement Law • Entities authorized to file under the bill: • Maryland Ag Land Preservation Foundation • Maryland Historical Trust • Maryland Environmental Trust • Many land trusts recognized under state and federal law • A county • Department of Natural Resources

  18. Septic Law Change • Uniform Definition of Failing Septic System • On-site sewage disposal systems or cesspools that pose a threat to public health through the potential of direct contact between sewage and people

  19. Flood Insurance Flood Insurance Temporarily Extended to Sept 30th 2019

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