Maryland law requires that every seller in a Condominium or Homeowners Association present a current “Full Resale Disclosure Package” to the buyer, with time to review prior to the settlement date.
There are three options for ordering a resale package:
- Standard time package (12 business days) for a fee of $195.00
- Rush time package (8 business days) for a fee of $220.00
- Expedited Rush time package (4 business days) for a fee of $295.00
When you are seeking a new mortgage, equity line of credit, or refinancing, your lending institution will require the completion of a Condo Questionnaire of PUD Form. These forms are an up to date report on the status of your unit and your Community Association, with information regarding Reserves, Delinquency, Rental Ration, among other items.
Condominiums in the state of Maryland are subject to the Maryland Condominium Act, which regulates the operations of each Condominium Regime, and sets down mandates for the ethical and legal requirements that protect each and every Condo homeowner.
Homeowner Associations in the state of Maryland are subject to the Maryland Homeowners Association Act. While less comprehensive than the Maryland Condominium Act, the Homeowner Association Act details important laws regarding the operation of Homeowners Associations, particularly regarding Annual and Budget meetings, and resale requirements.