Did you know that two bills are pending in the Maryland General Assembly which would increase the recording fees for deeds in Maryland?
March 3, 2017
In the current legislative session, two bills have been introduced (SB 812 and HB 1514) proposing the imposition of an additional fee (called a “community development transfer fee”) on certain documents that are either recorded in Land Records or filed with the State Department of Assessments and Taxation. The stated purpose of the legislation is to establish and fund a Community Development Program within the Department of Housing and Urban Development. The program would provide financial assistance for community development projects and community development organizations in the state of Maryland. If passed, the law would impose an additional fee of $50 on deeds with consideration of $250,000 or less, $100 on deeds with consideration of $250,001 to $499,999 and $250 on deeds with consideration of $500,000 or more. These fees would apply to transfers of both residential and commercial property. Certain exemptions would apply, such as an exemption for the transfer of residential property to a first-time Maryland home buyer. Nevertheless, many transfers would be subject to the community development transfer fee, resulting in increased closing costs for real property transactions in Maryland.
If you would like to contact your local legislators to provide your opinion on the passage of SB 812 and HB 1514, you can find their contact information by visiting the Maryland General Assembly website and click “Who represents me?” in the upper right-hand corner.
For more information regarding our Residential Real Estate Settlements Group or our general real estate transactions and litigation practice, please contact the Group Chair at 301-230-6574 or email@example.com.
This publication/newsletter is for informational purposes and does not contain or convey legal advice. The information herein should not be used or relied upon in regard to any particular facts or circumstances without first consulting a lawyer.