NewsResidential Real Estate Update Did you know … that Maryland’s Wet Settlement Act requires lenders to disburse the proceeds of purchase money loans on or before the closing date?
October 28, 2020
Due to reports of lenders delaying funding of purchase money loans, Maryland’s Commissioner of Financial Regulation has recently issued guidance reminding consumer mortgage lenders that Section §7-109(b) of the Real Property Article of the Maryland Code requires lenders to disburse the proceeds of purchase money loans to the settlement agent on or before the date of closing. Lenders who fail to comply with the Wet Settlement Act are prohibited from charging interest on the loan for the first 30 days following the date of closing.
Did you know…DC Recently Passed Legislation to Grant Relief to DC Residents and Businesses
May 19, 2020
In response to the financial burdens experienced by individuals and businesses because of COVID-19, DC has passed emergency legislation providing various relief for DC residents and businesses, including a moratorium on evictions and foreclosures.
Did you know … that the list of essential services was expanded to include “real estate services”?
April 1, 2020
As you may know, the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) issued guidance on operations and services that should continue during the COVID-19 response to ensure the continuity of functions critical to public health and safety, as well as economic and national security. In response to the efforts of the real estate industry, on March 28, 2020, CISA released updated guidance (Version 2.0) that now includes “Residential and commercial real estate services, including settlement services” within the list of essential services.
Did You Know… … that Maryland residents can travel to and from an Essential Business in order to conduct a real estate settlement?
March 30, 2020
As you may know, the outbreak of COVID-19 has resulted in the issuance of several Executive Orders by Governor Hogan. Today, Governor Hogan issued a stay-at-home order (Executive Order 20-03-30-01) that requires, among other things, Non-Essential Businesses to remain closed to the general public and Maryland residents to stay in their homes or places of residence except to conduct or participate in Essential Activities, which includes obtaining necessary supplies or services for one’s self or household.
Residential Settlements Team Continues to Conduct Real Estate Closings
March 30, 2020
Our firm is considered an essential business, and we will continue to conduct real estate closings as scheduled.
Did you Know… that Banks are Experiencing Wire Room Delays as a Result of COVID-19?
March 27, 2020
As you may know, any funds required for a real estate transaction must be “good funds,” meaning that the funds must be deposited in the settlement company’s escrow account at the time of closing and immediately available for disbursement after settlement is complete.
Did you know that Montgomery County has enacted a new Landlord-Tenant Bill?
February 7, 2020
On January 24, 2020, the Montgomery County Council signed Bill 18-19 into law, which requires landlords to provide certain accommodations to tenants who are displaced due to condemnation of a rental home.
Did you know that the DC Council recently passed a bill that will increase recordation and transfer taxes to 5% on certain commercial transactions?
June 27, 2019
Did you know that the DC Council recently passed a bill that will increase recordation and transfer taxes to 5% […]
