Bill
SB 691
SB 691 restricts or clarifies termination rights in Maryland residential real estate contracts through contingency clause provisions, affecting buyer protections and transaction certainty.
SB 691 modifies Maryland law governing how residential real estate purchase contracts can be terminated through contingency clauses. The bill appears to establish clearer rules and potentially restrictions on how buyers and sellers can use contingency provisions (such as inspection, appraisal, or financing contingencies) to exit contracts. The specific mechanics would depend on the bill's detailed language regarding which contingencies are enforceable and under what conditions.
Contingency clauses are fundamental to residential real estate transactions, protecting buyers from purchasing properties with undisclosed defects or financing issues. Changes to these rules directly affect the balance of power between buyers and sellers, influence how quickly transactions can close, and impact consumer protections in what is typically the largest financial transaction most people undertake.
Compiled from official sources — confirm details with the bill’s official record.
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