Maryland SB691 regulates the distribution of trust money in residential real estate contracts, including contingency clauses.

Maryland SB691 addresses the handling of trust money in residential real estate contracts, particularly when a purchaser terminates a contract under a contingency clause. The bill defines "contingency" as a clause that requires a specific event or action for the contract to be enforceable, allowing the exercising party to terminate the contract and receive the trust money. It outlines the process for the holder of trust money to distribute funds, including providing notice to the seller and holding the money if a complaint or mediation request is filed.

Maryland SB691 regulates the distribution of trust money in residential real estate contracts, including contingency clauses.

Maryland SB691 addresses the handling of trust money in residential real estate contracts, particularly when a purchaser terminates a contract under a contingency clause. The bill defines "contingency" as a clause that requires a specific event or action for the contract to be enforceable, allowing the exercising party to terminate the contract and receive the trust money. It outlines the process for the holder of trust money to distribute funds, including providing notice to the seller and holding the money if a complaint or mediation request is filed.