maryland real estate assignment contract

Maryland Real Estate Contract: Different Types and Key Terms to Include

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What is a Maryland Real Estate Contract?

A Maryland real estate contract , often referred to as a residential purchase and sale agreement , is a contract that is negotiated between a buyer and a seller for the purchase of real estate. Real estate contracts are most commonly used when purchasing an existing residential property, but can also be used for land, commercial properties, and investment properties.

In Maryland, most realtors will use a specific form for the real estate contract called the Maryland Association of Realtors Purchase Agreement . This form streamlines the buying and selling process and ensures that all necessary elements of a real estate contract are addressed.

Common Maryland Real Estate Contracts

The most commonly used real estate contract in Maryland is the purchase agreement contract approved by the Maryland Association of Realtors. This contract is specifically for residential real estate. Depending on the type of property being purchased, the following contracts may also be used:

• Real estate assignment contract. Used to purchase investment properties because this contract allows the buyer to assign the contract to a second buyer.
• Commercial property purchase agreement Used when buying or selling a commercial property that is zoned for business purposes like an office building or storefront.

4 Essential Elements of a Maryland Real Estate Contract

A Maryland real estate contract must include specific contract elements to make the agreement a valid and legally binding under Maryland law. The 4 essential elements of a Maryland real estate contract are:

• Mutual assent between the parties to enter the contract
• A valid offer, acceptance of the offer, and adequate consideration
• Legal capacity of the parties to enter the agreement
• Legal purpose

What Must Be Included in a Maryland Real Estate Contract?

Every real estate contract in Maryland should include the following information to ensure the interests of both parties are protected during the transaction:

• Property information . The contract must provide detailed information about the property, including the address, legal description, and any known defects or issues.
• Purchase price. The contract must clearly state the purchase price and any contingencies or contingencies related to financing or inspections.
• Financing. The buyer will usually need to secure financing to purchase the house. The contract must indicate whether the buyer will be obtaining a mortgage and if so, the terms of that mortgage.
• Earnest money deposit . An earnest money deposit is paid by the buyer once the seller accepts their offer. This deposit shows the seller that the buyer is serious about purchasing the house.
• Disclosures. The contract must include a disclosure statement , which will provide information about the property and any known defects or issues.
• Signatures. The contract must be signed by both the buyer and the seller in order to be legally binding.
• Deadlines. During the home buying process, there will be several deadlines that both parties must be aware of. For example, the deadline to complete a home inspection and most importantly, the closing date .

How Long Do You Have to Cancel a Real Estate Contract in Maryland?

In Maryland, the time frame for canceling a real estate contract can vary depending on the specific terms and conditions of the contract. Typically, a buyer has the right to cancel a contract within a certain period after signing it, usually known as the "right of rescission" or "cooling-off period."

However, the right of rescission is not a requirement in Maryland, and some contracts may not include this provision. If the contract does not include a right of rescission, the buyer may only cancel the contract if the seller is in default or if there is a provision in the contract that allows for termination.

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ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.

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General practitioner since 2005, general practice; civil disputes, torts.... logo Call us: (410) 878-7006 Menu Services Maryland Mobile Last Will & Testament Services All Maryland Legal Services Susan C. Trimble Attorney at Law WHAT WE ARE ABOUT Susan C. Trimble, is an established attorney in the Maryland area. Her work is infused with commitment to her community and family. is tailored to your wants and needs. Here you will find an approachable, personable and conscientious advocate. EDUCATION: Juris Doctorate (JD). University of Baltimore School of Law, Baltimore, Maryland, USA. 2006. Bachelor of Science (BS), English Literature. Towson University, 1989. Associate in Claims, (AIC) certification. Fraud Claims Law Associate, (FCLS) certification.

I am a business lawyer with 30+ years of experience, with a specialization in the life sciences industry. I have been general counsel at 5 different companies - both large and growing, as well as small and emerging. I have built legal teams and have extensive experience with Boards of Directors.

John Arthur-Mensah is a highly skilled attorney with extensive expertise in drafting contracts, information law, international law, insurance defense, and complex civil litigation. Throughout his career, he has demonstrated a keen eye for detail and a strong ability to craft well-structured, comprehensive legal agreements. John's track record includes successfully managing the entire contract drafting process, from initial negotiation to final execution. His proficiency in legal research and documentation enables him to ensure that contracts comply with applicable laws and regulations. With a strategic approach and persuasive communication skills, John excels in negotiating contract terms and providing valuable counsel on contractual matters. Admitted to the Maryland Bar and the United States District Court in Maryland, he is well-equipped to handle a diverse range of legal challenges, making him a valuable asset in contract drafting and beyond.

Highly disciplined attorney with over seven years administrative litigation experience. Capable of analyzing complex research, data, and documentation to prepare and represent individuals in sensitive cases. Recognized as a leader with the ability to perform work both autonomously and collaboratively as a member of a diverse legal team. Great problem-solving skills, strong multitasking capabilities and works well under strict deadlines. A professional with a sense of humor, strong work ethic and ability to build trust across all levels.

I have practiced law for 20+ years. I am knowledgeable, skilled, and experienced in IP related matters; contract drafting and revisions; trial preparation (including ITC Section 337 trials); and many other legal areas. Further, I earned a bachelor of science degree in electrical engineering and worked as a junior and primary patent examiner for over a decade. Furthermore, I have produced a feature film and set up and maintained the production office before, during, and after filming.

Kimm Massey, Esq. is a graduate of Harvard Law School, who has almost thirty years of experience practicing law. Her background includes litigation work for large multinational corporate law firms, the federal government, and the District of Columbia government. She founded Massey Law Group a decade ago. Attorney Kimm Massey has been admitted to the Bars of Washington DC, Maryland, Pennsylvania, Florida, the U.S. District Court for the District of Columbia, the U.S. District Court for the District of Maryland, the United States Court of Federal Claims, the United States Court of Appeals for Veterans’ Claims, and the United States Court of Appeals for the Fourth Circuit.

Diligent attorney and skilled government contracts professional with extensive experience in supply chain management, procurement, business process and procedure, regulatory compliance, intellectual property protection, and complex contract arrangements. With over 20 years of contracts and operations experience, I have handled domestic and international transactions for the sale and purchase of goods and services including construction, engineering, and R&D – in the Defense, IT, Mining, and Aerospace industries. I am accustomed to building and leading global and diverse teams; designing and implementing new processes and systems; and working in close collaboration with broad stakeholder populations, including executive management and other attorneys.

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Can you purchase or refinance under a land contract?

I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.

I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.

How many years does a quick claim become effective?s

Number of years for quick claim to be effect ive

A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas

WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233

Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas

what is better to buy land or rent for construction in US?

we are a construction company from Ukraine, we are planning to build a cottage town in the USA

T. Phillip B.

I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.

Quick, user friendly and one of the better ways I've come across to get ahold of lawyers willing to take new clients.

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Location: hawaii, turnaround: a week, service: drafting, doc type: real estate purchase agreement, number of bids: 2, bid range: $800 - $2,000, lease with option to purchase home, location: arizona, turnaround: less than a week, number of bids: 3, bid range: $850 - $1,050, want to speak to someone.

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Contracts to Purchase or Sell Real Estate

For most people, if they encounter a real estate contract, it will be a prefabricated agreement presented by a real estate agent.  It may seem as if it is a final document, created by experts, and protecting your interests.  To a degree it will, but it is also there to protect the brokers and the other party, and many of its terms can be negotiated.  Remember that brokers and agents are typically paid out of the proceeds of the deal.  This means that they they have a strong incentive to get you to go through with the deal, even if it may not be in your best interest.  If you grow concerned — get a knowledgeable lawyer — the fees will be much cheaper than making a mistake.   This article is broken up into three sections: 1) Basic requirements for a contract; 2) disclosure considerations; and 3) investigation that is worthwhile to do when entering into a real estate contract.

Maryland Real Estate Contracts — basic requirements: 

There are only a few required elements to a real estate contract — most of the rest is filler required by statute and terms that help the brokers to enforce their right to receive a fee (and to protect themselves in the event of future litigation).

1. A writing, signed by the parties, that identifies the property and the basic terms of the contract:

In Maryland, as in most states, there is no enforceable contract to transfer land unless there is at least a written document identifying the property and the nature of the contract and signed by the seller.  The relevant code states no “interest in land may be assigned, granted, or surrendered, unless it is in writing signed by the party assigning, granting, or surrendering it, or his agent lawfully authorized by writing, or by act and operation of law.  Md. Code Ann., Real Prop. § 5-103.

2. Statutory Disclosures

There are a long list of disclosures that are required to be placed in Maryland real estate contracts by statute.  These include everything from the application of the Critical Areas laws, to notices about where deposits are placed by the broker, to sections on the homeowners associations, to land that cannot be used for residential purposes.  (See Maryland Real Property Article Section 14-117).  It should be noted, however, that failure to include those provisions does not render the contract void — it just means that a seller can sued for the failure to disclose, if the failure causes damages.  “Unless specifically provided, a contract for sale is not rendered invalid by the omission of any statement referred to in this section.”

After a contract is reached, a deed is required to be filed in order to complete the transfer of property.  A deed is a somewhat more technical instrument, but its basic requirements are a sufficiently specific description of the property, identifications of seller and buyer, and it has the seller’s signature, property witnessed.  To be effective against someone else trying to claim ownership, it must be filed and indexed in the land records.

Maryland Real Estate Contracts — Thinking About Your Contract:

Aside from the boilerplate in a contract, there some things you should pay close attention to:

1. Special Disclosures:  As a purchaser, you can request specific disclosures from the seller – here are some you may want to consider:

a. Mold, mildew, flooding.  If there is any one thing that can ruin a house, its water damage, mold and mildew.  You definitely want to carefully look for any sign of water damage, including the kind of painting and repairs that might indicate past damage.  You can — and if there is any doubt you should — specifically request that the sellers disclose in writing any past water damage, mold, mildew or repairs.

b. Past litigation.  If there has been a past case concerning the house, such as against a homeowners association or neighbor, you probably want to know what that case was about.

c. Any unpermitted additions or structures.  If there is anything on the property that was not permitted, you want to know about it before you purchase not after — it can be very difficult to remedy such a situation.

2. Deadlines and Conditions.  If the contract is conditional (say on disclosure of water damage), and that condition is not fulfilled, then be sure to know exactly how and when to rescind the offer.

3. How much is the broker being paid?  If you are a seller, this item is negotiable, and it is a zero sum game.  Any money that your broker gets, is money out of your pocket.

4. “Other”:  Many contracts contain a blank term for special agreements — this often turns out to be the most important term in the deal.  Is there a boat that is supposed to transfer?  Is there a plan to lease the house back to the seller for a period after closing?  These things need to be written down clearly if they are going to be enforceable.

5. Homeowners Associations, Condo Associations and Improvement Associations.  If you are buying property in a subdivision, you definitely want to know what the covenants are and how they are enforced in the community.  This information should be available as part of the mandatory disclosures — READ IT!  You don’t want any surprises.  If it is not given to you, it should be on file in the land records of the County — find it or have your attorney get it for you.

Maryland Real Estate Contracts — Investigation Before Contract

Any contract requires a certain amount of trust with the other party — here are some things that are relatively easy to find, and very important to know:

1. Is the other party going to run to Court?  Most people never end up in trial – they never sue their neighbors – they just go about their business and pay their bills.  Some people are not like that — they always end up suing (or being sued by) the people that they deal with.  If someone makes you an offer on your house (or you make an offer on their house) take a few minutes to find out whether the other party is a repeat litigator — if they are, there had better be a good explanation or the hassle may take away from the joy of the transaction.

2. Are there proper permits?  Go to the planning department in the County where the property is — ask whether there are any issues with the property.  They can help.  You do not want to buy a house based on an addition that will need to be torn down.

3. Is there a bad neighbor?  Few circumstances are worse than buying a house only to find that you live in fear of your neighbor.  Many bad neighbor situations are the result of a dispute about the true boundaries — a survey can help you determine if there any encroachments either way.

4. What is the neighborhood/house/street really like?  Go to the property without the agent.  Walk along the street at night.  Is it what you want?  If not, move on.

J. Dirk Schwenk is a Maryland Real Estate, Waterfront Property, Civil Litigation and Maritime attorney from Annapolis, Maryland.  He provides civil litigation services in contract disputes, environmental and zoning issues, adverse possession and boundary disputes.  He does real estate law, including preparing and filing deeds.  He graduated cum laude (with honors) from the University of Maryland School of Law and has been in private practice in Maryland ever since.

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J. Dirk Schwenk Baylaw, LLC Direct Phone: +1 410 775 6805 Fax: (443) 448 0108 Email: [email protected] 769 Rolling View Drive, Annapolis, MD 21409

For immediate response when emailing, please use the subject, "BL PRIORITY INQUIRY."

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How To Navigate The Real Estate Assignment Contract

What is assignment of contract?

Assignment of contract vs double close

How to assign a contract

Assignment of contract pros and cons

Even the most left-brained, technical real estate practitioners may find themselves overwhelmed by the legal forms that have become synonymous with the investing industry. The assignment of contract strategy, in particular, has developed a confusing reputation for those unfamiliar with the concept of wholesaling. At the very least, there’s a good chance the “assignment of contract real estate” exit strategy sounds more like a foreign language to new investors than a viable means to an end.

A real estate assignment contract isn’t as complicated as many make it out to be, nor is it something to shy away from because of a lack of understanding. Instead, new investors need to learn how to assign a real estate contract as this particular exit strategy represents one of the best ways to break into the industry.

In this article, we will break down the elements of a real estate assignment contract, or a real estate wholesale contract, and provide strategies for how it can help investors further their careers. [ Thinking about investing in real estate? Register to attend a FREE online real estate class and learn how to get started investing in real estate. ]

What Is A Real Estate Assignment Contract?

A real estate assignment contract is a wholesale strategy used by real estate investors to facilitate the sale of a property between an owner and an end buyer. As its name suggests, contract assignment strategies will witness a subject property owner sign a contract with an investor that gives them the rights to buy the home. That’s an important distinction to make, as the contract only gives the investor the right to buy the home; they don’t actually follow through on a purchase. Once under contract, however, the investor retains the sole right to buy the home. That means they may then sell their rights to buy the house to another buyer. Therefore, when a wholesaler executes a contact assignment, they aren’t selling a house but rather their rights to buy a house. The end buyer will pay the wholesale a small assignment fee and buy the house from the original buyer.

The real estate assignment contract strategy is only as strong as the contracts used in the agreement. The language used in the respective contract is of the utmost importance and should clearly define what the investors and sellers expect out of the deal.

There are a couple of caveats to keep in mind when considering using sales contracts for real estate:

Contract prohibitions: Make sure the contract you have with the property seller does not have prohibitions for future assignments. This can create serious issues down the road. Make sure the contract is drafted by a lawyer that specializes in real estate assignment contract law.

Property-specific prohibitions: HUD homes (property obtained by the Department of Housing and Urban Development), real estate owned or REOs (foreclosed-upon property), and listed properties are not open to assignment contracts. REO properties, for example, have a 90-day period before being allowed to be resold.

What Is An Assignment Fee In Real Estate?

An assignment fee in real estate is the money a wholesaler can expect to receive from an end buyer when they sell them their rights to buy the subject property. In other words, the assignment fee serves as the monetary compensation awarded to the wholesaler for connecting the original seller with the end buyer.

Again, any contract used to disclose a wholesale deal should be completely transparent, and including the assignment fee is no exception. The terms of how an investor will be paid upon assigning a contract should, nonetheless, be spelled out in the contract itself.

The standard assignment fee is $5,000. However, every deal is different. Buyers differ on their needs and criteria for spending their money (e.g., rehabbing vs. buy-and-hold buyers). As with any negotiations , proper information is vital. Take the time to find out how much the property would realistically cost before and after repairs. Then, add your preferred assignment fee on top of it.

Traditionally, investors will receive a deposit when they sign the Assignment of Real Estate Purchase and Sale Agreement . The rest of the assignment fee will be paid out upon the deal closing.

Assignment Contract Vs Double Close

The real estate assignment contract strategy is just one of the two methods investors may use to wholesale a deal. In addition to assigning contracts, investors may also choose to double close. While both strategies are essentially variations of a wholesale deal, several differences must be noted.

A double closing, otherwise known as a back-to-back closing, will have investors actually purchase the home. However, instead of holding onto it, they will immediately sell the asset without rehabbing it. Double closings aren’t as traditional as fast as contract assignment, but they can be in the right situation. Double closings can also take as long as a few weeks. In the end, double closings aren’t all that different from a traditional buy and sell; they transpire over a meeter of weeks instead of months.

Assignment real estate strategies are usually the first option investors will want to consider, as they are slightly easier and less involved. That said, real estate assignment contract methods aren’t necessarily better; they are just different. The wholesale strategy an investor chooses is entirely dependent on their situation. For example, if a buyer cannot line up funding fast enough, they may need to initiate a double closing because they don’t have the capital to pay the acquisition costs and assignment fee. Meanwhile, select institutional lenders incorporate language against lending money in an assignment of contract scenario. Therefore, any subsequent wholesale will need to be an assignment of contract.

Double closings and contract assignments are simply two means of obtaining the same end. Neither is better than the other; they are meant to be used in different scenarios.

Flipping Real Estate Contracts

Those unfamiliar with the real estate contract assignment concept may know it as something else: flipping real estate contracts; if for nothing else, the two are one-in-the-same. Flipping real estate contracts is simply another way to refer to assigning a contract.

Is An Assignment Of Contract Legal?

Yes, an assignment of contract is legal when executed correctly. Wholesalers must follow local laws regulating the language of contracts, as some jurisdictions have more regulations than others. It is also becoming increasingly common to assign contracts to a legal entity or LLC rather than an individual, to prevent objections from the bank. Note that you will need written consent from all parties listed on the contract, and there cannot be any clauses present that violate the law. If you have any questions about the specific language to include in a contract, it’s always a good idea to consult a qualified real estate attorney.

When Will Assignments Not Be Enforced?

In certain cases, an assignment of contract will not be enforced. Most notably, if the contract violates the law or any local regulations it cannot be enforced. This is why it is always encouraged to understand real estate laws and policy as soon as you enter the industry. Further, working with a qualified attorney when crafting contracts can be beneficial.

It may seem obvious, but assignment contracts will not be enforced if the language is used incorrectly. If the language in a contract contradicts itself, or if the contract is not legally binding it cannot be enforced. Essentially if there is any anti-assignment language, this can void the contract. Finally, if the assignment violates what is included under the contract, for example by devaluing the item, the contract will likely not be enforced.

How To Assign A Real Estate Contract

A wholesaling investment strategy that utilizes assignment contracts has many advantages, one of them being a low barrier-to-entry for investors. However, despite its inherent profitability, there are a lot of investors that underestimate the process. While probably the easiest exit strategy in all of real estate investing, there are a number of steps that must be taken to ensure a timely and profitable contract assignment, not the least of which include:

Find the right property

Acquire a real estate contract template

Submit the contract

Assign the contract

Collect the fee

1. Find The Right Property

You need to prune your leads, whether from newspaper ads, online marketing, or direct mail marketing. Remember, you aren’t just looking for any seller: you need a motivated seller who will sell their property at a price that works with your investing strategy.

The difference between a regular seller and a motivated seller is the latter’s sense of urgency. A motivated seller wants their property sold now. Pick a seller who wants to be rid of their property in the quickest time possible. It could be because they’re moving out of state, or they want to buy another house in a different area ASAP. Or, they don’t want to live in that house anymore for personal reasons. The key is to know their motivation for selling and determine if that intent is enough to sell immediately.

With a better idea of who to buy from, wholesalers will have an easier time exercising one of several marketing strategies:

Direct Mail

Real Estate Meetings

Local Marketing

2. Acquire A Real Estate Contract Template

Real estate assignment contract templates are readily available online. Although it’s tempting to go the DIY route, it’s generally advisable to let a lawyer see it first. This way, you will have the comfort of knowing you are doing it right, and that you have counsel in case of any legal problems along the way.

One of the things proper wholesale real estate contracts add is the phrase “and/or assigns” next to your name. This clause will give you the authority to sell the property or assign the property to another buyer.

You do need to disclose this to the seller and explain the clause if needed. Assure them that they will still get the amount you both agreed upon, but it gives you deal flexibility down the road.

3. Submit The Contract

Depending on your state’s laws, you need to submit your real estate assignment contract to a title company, or a closing attorney, for a title search. These are independent parties that look into the history of a property, seeing that there are no liens attached to the title. They then sign off on the validity of the contract.

4. Assign The Contract

Finding your buyer, similar to finding a seller, requires proper segmentation. When searching for buyers, investors should exercise several avenues, including online marketing, listing websites, or networking groups. In the real estate industry, this process is called building a buyer’s list, and it is a crucial step to finding success in assigning contracts.

Once you have found a buyer (hopefully from your ever-growing buyer’s list), ensure your contract includes language that covers earnest money to be paid upfront. This grants you protection against a possible breach of contract. This also assures you that you will profit, whether the transaction closes or not, as earnest money is non-refundable. How much it is depends on you, as long as it is properly justified.

5. Collect The Fee

Your profit from a deal of this kind comes from both your assignment fee, as well as the difference between the agreed-upon value and how much you sell it to the buyer. If you and the seller decide you will buy the property for $75,000 and sell it for $80,000 to the buyer, you profit $5,000. The deal is closed once the buyer pays the full $80,000.

Assignment of Contract Pros

For many investors, the most attractive benefit of an assignment of contract is the ability to profit without ever purchasing a property. This is often what attracts people to start wholesaling, as it allows many to learn the ropes of real estate with relatively low stakes. An assignment fee can either be determined as a percentage of the purchase price or as a set amount determined by the wholesaler. A standard fee is around $5,000 per contract.

The profit potential is not the only positive associated with an assignment of contract. Investors also benefit from not being added to the title chain, which can greatly reduce the costs and timeline associated with a deal. This benefit can even transfer to the seller and end buyer, as they get to avoid paying a real estate agent fee by opting for an assignment of contract. Compared to a double close (another popular wholesaling strategy), investors can avoid two sets of closing costs. All of these pros can positively impact an investor’s bottom line, making this a highly desirable exit strategy.

Assignment of Contract Cons

Although there are numerous perks to an assignment of contract, there are a few downsides to be aware of before searching for your first wholesale deal. Namely, working with buyers and sellers who may not be familiar with wholesaling can be challenging. Investors need to be prepared to familiarize newcomers with the process and be ready to answer any questions. Occasionally, sellers will purposely not accept an assignment of contract situation. Investors should occasionally expect this, as to not get discouraged.

Another obstacle wholesalers may face when working with an assignment of contract is in cases where the end buyer wants to back out. This can happen if the buyer is not comfortable paying the assignment fee, or if they don’t have owner’s rights until the contract is fully assigned. The best way to protect yourself from situations like this is to form a reliable buyer’s list and be upfront with all of the information. It is always recommended to develop a solid contract as well.

Know that not all properties can be wholesaled, for example HUD houses. In these cases, there are often anti-assigned clauses preventing wholesalers from getting involved. Make sure you know how to identify these properties so you don’t waste your time. Keep in mind that while there are cons to this real estate exit strategy, the right preparation can help investors avoid any big challenges.

Assignment of Contract Template

If you decide to pursue a career wholesaling real estate, then you’ll want the tools that will make your life as easy as possible. The good news is that there are plenty of real estate tools and templates at your disposal so that you don’t have to reinvent the wheel! For instance, here is an assignment of contract template that you can use when you strike your first deal.

As with any part of the real estate investing trade, no single aspect will lead to success. However, understanding how a real estate assignment of contract works is vital for this business. When you comprehend the many layers of how contracts are assigned—and how wholesaling works from beginning to end—you’ll be a more informed, educated, and successful investor.

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Arden law firm, llc assists with preparing and/or reviewing real estate contracts of sale for property located in maryland:, single family homes, townhomes and condos (for sale by owner or “fsbo”), lots / raw land, commercial properties (limited areas).

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Licensed real estate brokers have access to form contracts for real estate prepared by  attorneys working for the local real estate association (for example, MAR forms for members of the Maryland Association of Realtors).   Under association rules, using these attorney prepared contract forms generally require a dues paying member of the association to be a part of the transaction.  Parties working without agents  (for example, for sale by owner or family sales) often benefit from engaging their own attorney to prepare a legally binding sales contract with necessary dislosures and addendum.     

A:   Under Maryland law, contracts for the sale of real property (house or land) must be in writing and signed.  Oral contracts to buy or sell real estate are not valid.  Of course, putting the terms in writing is just the start.  Maryland has many different legal requirements for contracts and required terms that vary with the age of the house, who is selling, where the land is located, etc. 

A:  Generally, it is up to the parties to decide how to allocate transfer and recordation taxes. Seller could pay all, Buyer could pay all, or the parties could split.  The default mode is to split 50/50 but parties may negotiate any other term, and this is often adjusted in an extreme buyer or seller market, for example.  The only time Maryland law mandates a particular allocation is in the context of a first time home buyer - in that case, 1 of the 3 transfer / recordation taxes is reduced in half and the Seller must pay that half.  Transfer and recordation taxes can be signi  - usually several thousand.  When Arden Law prepares a real estate contract we’ll be happy to give a quick estimate of the likely transfer and recordation taxes. 

A:  While the parties can allocate settlement or closing costs as they agree, in most cases the buyer pays the settlement fee in Maryland and the seller pays only the cost of deed preparation and clearing any seller liens. Who pays settlement fees should be clearly spelled out in your contract. 

A:  There are three (3) different taxes that apply to most sales or deed transfers in this state - 1) a state transfer tax, 2) a county transfer tax and 3) a recordation tax.  The state transfer tax is 1/2 of 1% while the other taxes vary by county.   But other taxes may apply — for example, there may be capital gains tax.  If the seller is not a Maryland resident, they may need to remit a portion of the sales price (8% or more) at the time of the sale (withholding tax).  

A:  A sales contract is a legally binding document and unless there are built-in contingencies, you may not be able to “back out” of the deal.  You are strongly encouraged to review contracts with your attorney BEFORE signing.  A contract may give the other party the right to seek “specific performance” or basically force the deal.  In some cases, parties can negotiate termination of a contract, often in exchange for some sum of money.   If there are contingencies (say financing contingency or an inspection contingency) the buyer may be able to terminate the contract with appropriate notice.   However, note that standard MAR contracts may not automatically release the deposit and instead may require both parties to agree to return a deposit.  

Some Sellers choose to work without agents to save the typial 5%-6% realtor commission.  While this can put thousands more into the Seller’s pocket (and/or reduce the sales price, passing savings onto the Buyer), real estate transactions in Maryland involve a host of varied requirements and laws. An experienced real estate attorney from Arden Law can offer guidance and peace of mind while still saving off the traditional route - a true win/win!  

Full Sale/Purchase Representation   

For parties selling without agents, our experienced real estate attorney can offer guidance and peace of mind for the full sales transaction, from offer negotiations, contract drafting, ordering surveys and inspections and dealing with the varied players (title company, appraisers, inspectors) through sitting down at the settlement table.  Full scope representation by Arden Law is typically only 1% of Sales Price. (does not incude any third party fees).  Restrictions may apply, complex or commercial transactions do not always qualify for percentage-based fee.   Ask our Attorney for details.  

Review or drafting of Contract

Term Negotiation

Estimating Transfer / Recordation Taxes

Coordinating appraisals, inspections and walk-throughs

Review of Lender’s Good Faith Estimate

Pre-Settlement review of Loan Documents, Deed, Settlement Sheet (and any associated revisions)

Representation at Settlement

Maryland Residential Real Estate Contracts  (Contracts of Sale)

Typical pricing for FSBO and other sales contracts prepared by Arden Law:

INCLUDED with full Sale Representation $700 (sales price up to $500k) stand-alone $900 (sales price $501-$900k) stand-alone

Our attorney prepared  standard sales contract for an existing single family home  includes all of the following

consultation with managing real estate attorney

Retrieving most recent deed from Land Records

Attorney-Prepared Contract of Sale

Mandatory State County-Specific Addendum

Relevant Addendum based on situation (e.g., HOA, 1st Time Homebuyer, Lead Paint, etc.)

Maryland Sales Contracts prepared for the following counties:

Anne arundel co., baltimore city, baltimore county, calvert county, harford county, howard county, prince george's, montgomery county.

Looking for a real estate contract to buy or sell your home or investment property?    Arden Law can prepare a Maryland contract of sale tailored to your specific transaction to comply with all state, county and local legal requirements for a reasonable flat fee.  If you choose to sell by owner, you don’t need to risk cobbling together a form contract from unknown sources that might not protect you. Our pricing includes all necessary affidavits, disclosures and addendum.  

Call us weekdays Monday - Thursday:  9am - 5pm EST Friday: 9am - 1pm EST

Why Choose Arden Law to prepare your Maryland Sales Contract?

Every contract includes a consultation with an experienced Maryland real estate attorney. 

Tailored to comply with each county’s local requirements. 

Peace of mind for clients selling property without agents (FSBO) that their contract covers mandatory terms and required legal disclosures.

Up to 1 customized Addendum where requested free of charge

1 additional client requested revision free of charge

Call us weekdays Monday - Thursday:  9am - 5pm EST Friday: 9am - 1pm EST No Cost (free) Preliminary Phone Call of 5-10 minutes

Legal Document Review 

Have an experienced attorney review your Settlement papers 

Review of Settlement Sheet & Deed

Review of Contract / Purchase Agreement

Review of Loan Documents

Full Sale/Purchase Representation 

For parties selling without agents, our experienced real estate attorney can offer guidance for the full sales transaction, from offer negotiations, contract drafting and dealing with the varied players (title company, appraisers, inspectors) through sitting down at the settlement table. 

Maryland Real Estate Contracts

We offer custom Maryland real estate contracts and forms designed to meet all necessary legal requirements.  Our contracts are tailored to comply with each local county’s requirements.   Contracts include a one-on-one conversation with our managing attorney.

Talk with an Arden Law attorney about your real estate contract needs.

Free preliminary consultation (phone or email exchange).

$0 - Free 

No Cost 5-10 Min Phone Call  or email exchange with Attorney.

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Private consultation (1 - 1.5 hours) with experienced Managing Attorney. In Person, Virtual or Over the Phone.

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Maryland Real Estate Contracts Updates: The Changes You Need to Know

Author: Velocity Title’s Co-Founder, G. Russell Donaldson, Esq.

2022 is bringing a lot of changes to the real estate industry and one of them is a new Residential Contract of Sale for Maryland. The full scale of changes is very extensive, but we can still dive into some of the most impactful areas you need to be aware of.

The first thing to note in the new Contract is that it has been organized into seven main subject matter areas:

• General Contract Provisions
• Payment of the Purchase Price
• Property Condition and Inspections
• Property-Specific Disclosures
• General Disclosures
• Transfer of Title and Closing
• Breach of Contract and Dispute Resolution

(Source: Maryland Realtor ©)

As with the prior contract, each of these major subject matter areas contain a series of paragraphs for relevant provisions. One of the most frequently disputed issues resulting from the prior contract and addenda was the “AS-IS” Addendum.

AS-IS Addendum

The prior As-Is Addendum was confusing and frankly poorly constructed in its language and it led to Buyer Agents often being aggressive in seeking repairs from unsuspecting sellers. Buyers had no contractual rights to seek these repairs but because the language granted them the right to terminate, sellers would often accept the buyers’ demands for repair despite that the parties intended an AS-IS agreement.

The new AS-IS Addendum is much more akin to a “Feasibility Study Addendum” where a buyer may terminate for generally being dissatisfied with the results of an inspection of the property without the need to identify any specific issue of dissatisfaction. Additionally, the new language allows for the parties to knowingly engage in additional negotiations over repairs should the buyer want any.

Post-Settlement Occupancy Agreement

Another important area of change for real estate professionals to be aware of is the Post-Settlement Occupancy Agreement. Many agents commonly refer to this agreement as a “Rent-back Agreement.” I applaud the change here as I have never liked the prior language or its application where a buyer shall remain in the property for a period of time after closing. Using the prior language under Maryland Law the parties were creating a Landlord/Tenant scenario.  In doing so the agreement afforded the parties to certain Landlord/Tenant rights and obligations under Maryland Law. This sometimes resulted in legal disputes where the court would apply Landlord/Tenant law where the parties did not intend there to be a Landlord/Tenant relationship. The new Post-Settlement Occupancy Agreement cures this defect by making clear that there is no Landlord/Tenant relationship but instead the buyer is granting the seller a mere license of occupancy for up to sixty (60) days. The sixty (60) day limit could be extended for cash transactions. However, on transactions requiring financing, most lenders provide that the buyers must take occupancy on an owner-occupied loan within sixty (60) days.

Inclusions/Exclusions and Utilities Addendum

The final issue we should cover is the new Inclusions/Exclusions and Utilities Addendum. The reason is because one of the most frequent points of interest and conflict to buyers and sellers— and one of the areas where agents found themselves responding to a Real Estate Commission Complaint—was with Solar Panels. What most real estate professionals are unaware of is that in many cases attached Solar Panels have been financed by the Solar Panel company. In those cases, the Solar Panel company records a lien against the property. This lien must be closed out and paid off at closing—which in many cases the sellers were unprepared to pay. Additionally, where the panels are leased then the buyers must agree to assume the lease.

The new Addendum now has a specific provision entitled “Leased Items” that include Fuel Tanks, Solar Panels and Other Items. Here the sellers will state their intentions as to terminating the lease or transferring the lease to the buyers.

As stated above there are several additional changes of interest in the new Contract but there is not enough room here to hit them all. For any questions related to the new Maryland Contract feel free to reach out to Velocity Title’s attorney at [email protected] or 301.805.2900.

Keeping You and Your Clients Moving Forward

Velocity Title has the legal expertise to guide real estate professionals, buyers and sellers through the tough, and sometimes complex, legal issues relating to real estate transactions. After all, for most people this is the single biggest investment they make in a lifetime—so nothing should be left to chance. The Velocity Title team has combined experience of more than 190 years of real estate title work. Let our team guide you and your clients through even the most complex transactions. To learn more,  click here  or  contact us today .

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• Real Estate Purchase Agreement

Maryland Real Estate Purchase Agreement

Last Updated: December 18, 2023 by Phil Ahn

The Maryland residential real estate purchase agreement (“residential purchase and sale agreement”) is a contract that outlines the price, terms, rights, and obligations of both the buyer and seller during a residential real estate transaction. Once the agreement has been signed, it may not be terminated unless both parties agree.

Do Sellers in Maryland Have to Disclose Property Defects?

Maryland  does  require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.   

Required Seller Disclosures in Maryland

Along with any material defects with the property, sellers in Maryland will also need to provide the following:

• Residential Property Disclosure and Disclaimer Form . State law requires that the seller of a residential property disclose the property’s condition and any defects to the buyer. The seller must provide the disclosure form before the purchaser has executed the purchase agreement.
• Lead-Based Paint Disclosure .  Any home that was constructed earlier than 1978  must  come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.

Frequently Asked Questions

Purchase agreements in other states.

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Legal or not? Assignment of Real Estate in Maryland

I hope someone can help me. I was talking to my potential title company and they said that laws are being passed daily concerning purchasing Maryland Real Estate (residential), especially if the buyer is out of state, like me. I was looking to purchase my first investment home and then assign it. They said it could be risky (a new income tax law, capital gains, etc.), and may even be illegal, because I would be acting like a realtor, even though I am not. They also said that I, not the end-investor would need to put out money for an inspection and title search as soon as I lock up the property, not after I assign the property. I am not sure if I understand the liability I take on when I purchase the home (with contingencies in the contract) to wholesale it. By the way, does anyone have a purchase agreement with the standard wholesale/assignment contingencies in it that they could share. I only have one from a realtor that is so complicated, and for now there are no agents involved, so I can't use this one. Any help would be appreciated.

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How new rules on real estate brokers’ commissions might impact home buyers, sellers

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• Toll Brothers planning luxury townhouse project for Montgomery County property
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DC hiring outlook strong, especially for these types of jobs

Jeff Clabaugh | [email protected]

August 5, 2024, 1:17 PM

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Despite economic uncertainty, D.C.-area companies are hiring.

In the second half of 2024, 46% of D.C.-area employers plan to add new permanent positions, and 48% intend to fill vacant positions, according to staffing firm Robert Half .

“The Washington, D.C.-area’s hiring outlook for the second half of the year is strong. It is being driven by government spending, technology, health care and the consulting sectors,” said Matt Deneroff, branch director with Robert Half in the D.C. region.

Companies filling jobs are not necessarily adding to their own payrolls. Contracting work in the D.C. region is a major part of the workforce. Those are generally good-paying jobs that afford those contract workers a variety of opportunities based on their skills as they move from assignment to assignment, and contract workers are attractive to employers facing pent-up demand for their services.

“We anticipate that the pent-up demand will result in the resumption of projects. And when projects resume, more companies look to bring on contract-based professionals that will help augment their staff and help alleviate potential worker burnout,” Deneroff said.

Having jobs to fill does not mean being able to fill them. Nationwide, Robert Half said 48% of hiring managers cite lack of applicants with the required skills and hiring quickly enough to land the best talent as top challenges, as well as meeting candidates’ salary expectations.

About two-thirds of hiring managers responding to Robert Half’s survey said they would be willing to bend experience requirements if the candidate possessed the skills needed for an open role.

Job seekers with the right skills still wield some leverage because of demand, and for those looking, there are red flags that will scratch a company from the list.

“People like transparency and having a salary range up front can help set proper expectations. When employees learn there has been high turnover within an organization and it hasn’t been properly addressed, that can be another cause for concern,” Deneroff said.

Robert Half received responses from 2,500 hiring managers for its survey about hiring plans for the remainder of 2024. The survey was conducted in June. See the full survey results by Robert Half .

Get breaking news and daily headlines delivered to your email inbox by signing up here .

© 2024 WTOP. All Rights Reserved. This website is not intended for users located within the European Economic Area.

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

• @wtopclabaugh

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Applying Merger Doctrine to Contracts for Sale of Real Estate

In their Transactional Real Estate column, Peter Fisch and Sal Gogliormella discuss the merger by deed doctrine including how New York courts apply it compared to other states.

July 30, 2024 at 11:00 AM

9 minute read

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Under the doctrine of merger by deed, certain terms, covenants and conditions of a contract for the sale of real property are merged with and into the deed to the property upon delivery. Based on the common law doctrine of caveat emptor , merger by deed provides a sense of finality to the transaction process. Since a deed is a subsequent writing between the parties, there is some logic to the terms of the deed taking precedence over the terms of the prior contract of sale, at least as to the subject matter of the deed.

Taken to an extreme, the merger doctrine mandates that prior agreements made between buyer and seller are superseded by the terms of the deed, so that the deed (along with other agreements delivered at closing) stands alone as the sole source of legally enforceable obligations between buyer and seller. Most sophisticated contracts of sale contain representations, warranties and covenants that are far broader than the subject matter of a deed, though, so the doctrine of merger by deed can result in unintended consequences.

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Yardi is a global software company providing innovative property management solutions and services in every real estate market. We are focus...

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