26 April Interest Rate for Security Deposits April 26, 2017 By Cindy Sellers Transactions Involving Condos 0 Pursuant to Section 8-203(e) of the Real Property Article of the Annotated Code of Maryland, effective January 1, 2015, the interest rate on the return of security deposits is 1.5% or a rate equal to the U.S. Treasury Daily Yield Curve Rate, whichever is higher. The owner must pay the legal rate even if the tenant agrees to accept less or the banks are offering less. None of the provisions of this statute may be waived. To view the security deposit provisions, CLICK HERE. Related Posts What is the Interest Rate for Security Deposits? What is the Interest Rate for Security Deposits? If a tenant and landlord agree that the tenant is to pay rent in advance, is that a violation of the law limiting the amount of security deposit to two months' rent? If a tenant and landlord agree that the tenant is to pay rent in advance, is that a violation of the law limiting the amount of security deposit to two months' rent? What is the definition of a variable rate commission to be used when filling out the MRIS (Bright) profile sheet for listing a property? What is the definition of a variable rate commission to be used when filling out the MRIS (Bright) profile sheet for listing a property? Q: I am the broker for a small company and I still take listings. If another agent in my office has a buyer client interested in my listing, how can we make dual agency work? Agency A licensed Illinois real estate broker has developed an interactive website that generates buyer and seller leads. The company enters into a referral agreement with a licensed broker in Maryland to participate in the program. Upon a closing the company collects a referral fee paid from the Maryland broker to the Illinois broker per the referral agreement. The Illinois broker is not licensed in Maryland, are there any restrictions regarding payment of the referral fee from the Maryland broker to the Illinois broker? The buyer submitted an offer to purchase a property. The seller's counter-offer included a slightly lower price and a reduction to the amount of requested closing cost assistance. The seller also sought a reduction in the commission to be paid to the buyer's broker. Does the seller have the authority to reduce the commission as offered in the multiple listing service by the listing broker? Comments are closed.