Bill > SB384

This bill authorizes licensed real estate professionals in Maryland to act as "transaction brokers" in residential real estate transactions, meaning they can facilitate a sale or lease without representing either the buyer or seller in an agency capacity, provided they obtain written informed consent from all parties involved. This consent must clearly state that the transaction broker does not represent either party, owes only limited fiduciary duties, and that parties may wish to seek individual representation due to potentially differing interests. The bill also mandates that the State Real Estate Commission develop a standard, easy-to-understand consent form for these transaction brokerages, and outlines the specific duties of a transaction broker, which include presenting offers, disclosing material facts, treating parties honestly, and accounting for trust money, while clarifying they are not obligated to conduct independent property inspections or verify parties' financial conditions. This new framework, which applies to the sale or lease of single-family homes and residential-zoned unimproved land but not short-term leases, will take effect on October 1, 2026.

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https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0384?ys=2026RS