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Maryland real estate transactions are undergoing numerous changes in the wake of new contracts, forms, and addenda introduced on October 1, 2022.
Each Fall, the Maryland REALTORS® Association releases new contracts, forms, and materials that are used to service clients and bring real estate transactions to settlement. This year’s changes comprise a total of nine (9) new forms, including a refreshed Residential Contract of Sale, as well as seven (7) revised forms.
Please read on for an overview of the new contracts and updated documents so that you are apprised of these important changes.
I. NEW FORMS
Residential Contract of Sale
The Residential Contract of Sale was substantially refreshed as part of a joint effort between a Contracts Review Task Force assembled by the 2022 Maryland REALTORS® President, Craig Wolf, and the Statewide Forms Committee. The most significant change is that the paragraphs contained within the old Residential Contract of Sale have been reorganized by subject matter into seven (7) sections:
1) General Contract Provisions
2) Payment of the Purchase Price
3) Property Condition and Inspections
4) Property-Specific Disclosures
5) General Disclosures
6) Transfer of Title and Closing
7) Breach of Contract and Dispute Resolution
Additional New Forms
- Property Inspections
- Additional As Is Provisions
- Advanced Treatment Unit (ATU) and/or Best Available Technology (BAT) Septic System Disclosure
- Change in Terms to Brokerage Accounts
- Post-Settlement Occupancy Agreement
- Commercial Property Exclusive Listing and Commission Agreement
II. REVISED FORMS
- VA Financing Addendum
- USDA Financing Addendum
- FHA Financing Addendum
- Conventional Financing Addendum
- Property Inspections Notice
- Exclusive Right to Sell Residential Brokerage Agreement
- Unimproved Land Contract of Sale
III. RETIRED FORMS
The following forms have been retired from the Maryland REALTORS® Statewide Forms Library as of October 2022:
- Disclosure of Leased Items Addendum to Contract of Sale
- Inclusions/Exclusions and Utilities Addendum to Exclusive Right to Sell Residential Brokerage Agreement
- As Is Addendum
- First-Time Maryland Homebuyer Transfer and Recordation Tax Addendum
The information contained in this article is intended to provide a high-level recap and may not include all changes made. For more detailed information, please contact Maryland REALTORS® directly.
In addition, Maryland REALTORS® strongly encourages members to take advantage of their additional educational materials, including a series of informational videos and a Condominium and Homeowners Association Forms Practice Guide, all of which can be found at http://www.mdrealtor.org/Resources/Forms/Statewide-Forms. Brokers and office managers seeking additional support are welcome to contact the association’s Legal Affairs Department attorneys to schedule Statewide Forms Update sessions for their agents. Association attorneys are also available via the Legal Hotline service to answer questions about the new statewide real estate forms.
Certified Title strives to deliver the accurate, timely information you need to provide exceptional client service. If you have questions regarding the new and revised forms or if you require additional resources, our knowledgeable professionals are here to help. Please contact us anytime.
About Certified Title Corporation: Since 1994, attorney-owned Certified Title Corporation has been furnishing residential and commercial real estate stakeholders across the nation with robust title insurance, settlement, and escrow services. Renowned for industry-leading reliability and an exemplary level of service and quality, the Maryland-based company helps clients from all walks of life achieve their asset goals. To learn more, call (888)486-5511 or visit https://www.certifiedtitlecorp.com/.
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