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Condo/HOA News from the MD Real Estate Commission

The Maryland Real Estate Commission is the state agency within the Department of Labor and Licensing Regulations which is charged with “protecting the health, safety and welfare of the public through its examination, licensing and regulatory activities in regard to real estate.”  They are your resource for information about obtaining a real estate license, filing a formal complaint about a licensee, finding any past disciplinary actions against real estate licensees, or simply finding out who is (or is not) licensed.  

New Condo LawsIn their current newsletter for real estate licensees, the Maryland Real Estate Commission summarizes 2009 MD legislation on condominiums and homeowners’ associations.  If you live in one of these communities, the new laws will impact you:

SB 201/HB 287 (effective June 1, 2009): A condo’s council of owners is responsible for the repair or replacement of common elements related to individual units. Unit owners are also liable (up to $5,000) for damage to common areas or property that originated from their unit. Condo contracts must specify this liability and the council must distribute the same information annually to all owners.

SB 742/HB 667 (effective October 1, 2009): A council of unit owners has 60 days following the sale of 50% of the units to elect a board of directors. If the bylaws require that a board of directors be established after a smaller percentage of homes have sold, a council still has 60 days to establish a board. The process for Home Owner’s Association is similar: a board of directors must be elected when at least 75% of the homes have been sold.

HB 137 (effective October 1, 2009): A greater scope of information regarding the records of HOAs, condos and cooperative housing arrangements will become available to the public. Board minutes and financial statements will also be available for inspection.

If you serve on the volunteer Board of Directors for your Condo or HOA Association, it’s imperative that you familiarize yourself with these changes.  You can’t just do things the same way they’ve always been done before, because you probably won’t be in compliance with these new laws.

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Providing community and real estate information about the Greater Crofton Area is my way of attracting new D.C.-Baltimore area home buyers to our community while also keeping my neighbors informed and earning their real estate business.  Please click on Margaret Woda, Crofton REALTOR or call/text me at 301–346–2923 for help with your next home sale or purchase in the Greater Crofton Area. 

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