Maryland HB1299 establishes rules for appraisers during the appraisal process for residential real property sales.

Maryland HB1299 introduces a new subtitle titled "Appraisal Communication and Review Process" under the Real Property Article. It mandates that appraisers notify the point of contact and interested parties if the appraised value of a residential property may be less than the contract price or estimated value for a refinance. The bill also allows certain parties to submit additional market data or comparable sales data before the appraisal is finalized. It requires appraisers to include specific information in an addendum to the appraisal report.

Maryland HB1299 establishes rules for appraisers during the appraisal process for residential real property sales.

Maryland HB1299 introduces a new subtitle titled "Appraisal Communication and Review Process" under the Real Property Article. It mandates that appraisers notify the point of contact and interested parties if the appraised value of a residential property may be less than the contract price or estimated value for a refinance. The bill also allows certain parties to submit additional market data or comparable sales data before the appraisal is finalized. It requires appraisers to include specific information in an addendum to the appraisal report.