Maryland HB1029 modifies the definition of "contingency clause" in residential real estate contracts and the process for distributing trust money.
Maryland HB1029 revises the definition of "contingency clause" in residential real estate contracts, specifying that such clauses require a specific event or action for the contract to be enforceable and entitle a party to terminate the contract and receive trust money distribution. The bill also alters the process for distributing trust money, requiring the holder of trust money to notify the purchaser and seller of the distribution if no complaint or mediation request is received.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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