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Broker and Manager Forum

Broker and Manager Forum. 2019. Escrow Agreement Law. Does not apply to: Real Estate Licensees Homebuilders (only initial sale exempted) Lenders including Credit Unions Commercial transactions. Escrow Agreement Law. Requirements: Applies only to “escrow agents”

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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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