Maryland HB1506 limits new owner fees in condominiums and homeowners associations to the amount of monthly assessments paid by existing owners.

Maryland HB1506 amends the Real Property Article to restrict the initial capital contribution or similar fee that new unit owners must pay at closing. The fee cannot exceed the amount of monthly assessments paid by existing unit owners at the time of the closing. This applies to condominiums and homeowners associations, aiming to ensure fairness and consistency in fees for new and existing owners. The changes will take effect on October 1, 2026.

Maryland HB1506 limits new owner fees in condominiums and homeowners associations to the amount of monthly assessments paid by existing owners.

Maryland HB1506 amends the Real Property Article to restrict the initial capital contribution or similar fee that new unit owners must pay at closing. The fee cannot exceed the amount of monthly assessments paid by existing unit owners at the time of the closing. This applies to condominiums and homeowners associations, aiming to ensure fairness and consistency in fees for new and existing owners. The changes will take effect on October 1, 2026.