March 2025 Housing Stats

Maryland’s March 2025 Housing Statistics Reveals Drop In Units Sold, 
as Pending Units Climb  

ANNAPOLIS, MD—April 14, 2025 — Maryland housing sales fell 10% in March 2025 to 4,823 units, versus March 2024’s total of 5,358 units, according to the Maryland REALTORS^®’ March 2025 Housing Statistics. The average sales price rose 3.2% to $488,315, while the median sales price grew 3.7% to $420,000.  

Unlike January and February 2025, units pending—houses under contract—grew 6.1% to 6,621 units, while active inventory dropped 4.5% and the number of new listings entering the market fell 7.9%.  

“Lack of inventory remains the primary barrier to homeownership,” said 2025 Maryland REALTORS^® President Cheryl Abrams Davis. “Prices continue to rise as fewer homes are sold.” 

Abrams Davis did see a bright spot with the recent passage of HB 1466/SB 891 by the Maryland Legislature, allowing adoption of Accessory Dwelling Units (ADUs) across all of Maryland. “We look forward to its enactment into law and for local governments to take action on expanding ADUs in their communities. We could add upwards of 20,000 units for Marylanders, if local governments do their part for their constituents. Housing is the number one concern of Maryland voters, and local officials at the state and local levels need to take bold and meaningful action to address this crisis.”  

 

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Additional Resources:  

• Download March 2025 Housing Statistics 

• Download March 2025 Housing Statistics Infographic 

• Watch ADUs: A Common Sense Solution 

• Watch Maryland's Economy Begins at Home 

• Download State of Maryland Housing 2025 Infographic 

 

Maryland REALTORS^® professional members are experts in housing and real estate and are available for interviews and as subject matter experts. Contact Dan Patrell at dan.patrell@mdrealtor.org for more information. 

February 2025 Housing Stats

Maryland’s February 2025 Housing Data Points to a Shifting Market,
Amidst Drops in Units Sold, Pending Units, Active Inventory, and New Listings 

ANNAPOLIS, MD—March 12, 2025 — Maryland housing sales fell 9.6% in February 2025 to 4,015 units, versus February 2024’s total of 4,442, according to the Maryland REALTORS^®’ February 2025 Housing Statistics. The average sales price rose 3.8% to $473,569, while the median sales price grew 2.3% to $409,000.  

Units pending—houses under contract—dropped 9.6% to 4,939 units, while active inventory fell 10.8% to 9,331 units.  The number of new listings decreased by 24.7% to 5,226 units, as well. The 30-year fixed rate mortgage currently rests at 6.63%, the lowest it’s been since mid-December 2024. 

With the drop in new listings, active inventory, and pending units, combined with a softening of the growth in average and median sales prices, signs point to a shifting market, although more data is needed.  Reporting from Bright MLS for the week ending March 9, 2025, showed that new purchase contracts in the Mid Atlantic area (Maryland, Northern Virginia, DC, Delaware and parts of Pennsylvania) were down 3.1% from the previous year, while increasing 8.8% from the first week in March.  

“We are keeping a close eye exclusively on Maryland, including places with significant federal employment, and we are assessing the data represented in our February report,” said Cheryl Abrams Davis, 2025 President, Maryland REALTORS^®. “Much of the housing challenges in this area remain anchored to inventory issues, which is why we’re encouraging the State Legislature to adopt uniform ADU legislation across the state and continue to support the Moore Administration’s housing supply agenda.” 

 

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Additional Resources:  

• Download February 2025 Housing Statistics 

• Download February 2025 Housing Statistics Infographic 

• Watch ADUs: A Common Sense Solution 

• Watch Maryland's Economy Begins at Home 

• Download State of Maryland Housing 2025 Infographic 

 

Maryland REALTORS^® professional members are experts in housing and real estate and are available for interviews and as subject matter experts. Contact Dan Patrell at dan.patrell@mdrealtor.org for more information. 

Important Update on the Maryland State Budget & Impact on Real Estate

Advocacy Update: State Budget

In response to recent news reports surrounding the state budget and related revenue proposals, Maryland REALTORS^® is providing our members with the following update on 2025 legislation and advocacy efforts.

State Budget

In February, the General Assembly held hearings on the Budget Reconciliation and Financing Act (BRFA), which included Governor Moore’s proposed $2B in programmatic cuts and approximately $1B in revenues to close the estimated $3B FY 2026 budget deficit. While the BRFA reduced the corporate income tax rate and eliminated the inheritance tax, Maryland REALTORS^® opposed several items within the BRFA for their impact on real estate, including:

• - Creating a new income tax bracket for high income earners, which would include pass-through entities that claim business income on personal tax returns
• - Adding a 1% capital gains tax surcharge, which could impact real property valued at over $1.5M
• - Lowering the estate tax exemption to $2M
• - Eliminating new Opportunity Zone tax credits

Other Proposals

In addition to the BRFA, several other revenue proposals have been discussed within the General Assembly. These could either replace current tax and fee increases in the Governor’s proposal, or they could be used to restore some of the proposed program cuts. Those impacting real estate include:

• - Real Estate Transfer Tax – As part of their budget briefing, the Department of Legislative Services offered the option to increase transfer taxes on “high value properties.” That is defined as residential properties over $1M (3% of all sales in 2024) and commercial properties over $10M (6% of all sales in 2024). This would total approximately $40M in new taxes on real estate transactions.
• - Statewide Property Tax – Another recommendation is to increase the state-level property tax by one cent to 12.2 cents per $100 in value. This is on top of any local property tax rate increases which might be imposed by counties, cities, or municipalities. This would result in an additional $95M in property tax revenue.
• - Business to Business Services Tax – This bill does not tax real estate compensation. HB 1554/SB 1045 would impose a 2.5% sales tax on certain services provided only between business entities. While the bill as introduced has largely avoided increases on residential real estate transactions and activities, there are still categories of services used by brokerages and agents, such as: photography, website hosting, marketing, and accounting. Based upon preliminary feedback we have received from Bright MLS, they do not believe the bill impacts individual subscribers.

Outlook

Even in the best of years, budget negotiations are a fluid process, with amendments and adjustments occurring right up until final adoption. This is, of course, a difficult year, with significant known budget deficits combined with additional uncertainty on the economy and federal actions. It also means that Maryland may require additional time or even special legislative sessions in the summer or fall to address budgetary matters.

Maryland REALTORS^® is fully engaged in this process and is considering not only the policy implications from the text of these proposals, but also how to position our association to achieve the best results for our membership, property owners, and the industry. We will work in partnership with other business and real estate interests to determine where our voice and our advocacy efforts are needed most.

The strength of our advocacy efforts is found in the engagement of our membership speaking with a unified voice on policy issues. As we work through the budget process, we may call upon you to contact your legislators on some of the above proposals. Please be on the lookout for additional updates from Maryland REALTORS as we progress through the final weeks of the 2025 General Assembly Session.

 

Cheryl Abrams Davis, 2025 President of Maryland REALTORS^®

Chuck Kasky, CEO of Maryland REALTORS^®

Impact on Housing from the Changes to the Federal Workforce

Message from 2025 Maryland REALTORS^® President Cheryl Abrams Davis on the
Impact on Housing from the Changes to the Federal Workforce

A few years ago, we experienced an avalanche of erroneous and misleading information about COVID. The same thing happened regarding the practice changes resulting from the NAR antitrust litigation settlement, and more of the same is happening now concerning the state of the housing market because of the recent firings within the federal workforce. For example, I’ve seen social media posts saying there has been a surge in new listing activity in the DC Metro area. This is demonstrably false.

I understand this upheaval has sparked concern about how those changes will affect our state and specifically the real estate market. We understand that substantial job losses will inevitably lead to impacts on the housing market. We just don’t know what those will be. Rest assured that Maryland REALTORS^® will continue to be the most accurate source of information, and because we take time to verify everything and not rush to judgment or speculate, we may not be the first to publish, but we will always be the most accurate and useful source of information and guidance for our members.

The best thing we can do right now is to focus on the facts – and more importantly, make sure we know how to find them. Maryland REALTORS^® publishes monthly housing market statistics that provide the most accurate picture of our housing market.

In addition, our friends at Bright MLS have the data and are sharing weekly market statistics, which will help identify trends as they happen:

• New Bright MLS blog post: https://www.brightmls.com/article/an-update-on-the-dc-area-housing-market
• New weekly market statistics: https://brightmls.com/article/greater-dc-area-weekly-housing-market-update

Finally, please know that Maryland REALTORS^® still has your backs.

January 2025 Housing Stats

Housing Sales Rise in the January 2025 Maryland REALTORS® Housing Statistics
Association Calls for General Assembly to Pass Uniform ADU Adoption Statewide 

ANNAPOLIS, MD—February 18, 2025—Housing sales in Maryland grew 2.1% in January 2025 to 3,968 units, versus January 2024’s total of 3,866, according to the Maryland REALTORS^®’ January 2025 Housing Statistics. The average sales price rose 7.1% to $480,542, while the median sales price grew 5.5% to $406,000.  

Units pending—houses under contract—dropped 2.7% to 4,637 units, while active inventory fell 10.9% to 9,338 units.  The number of new listings decreased as well by 16.2% to 4,980 units. The 30-year fixed rate mortgage experienced its most recent peak in mid-January when it hit 7.02%.  As of the publication of this news release, the interest rate currently rests at 6.87%. 

The continued rise in home prices, coupled with a decline in active inventory and new listings, reflects the ongoing supply constraints in the Maryland housing market. While sales saw a modest increase, the drop in pending units suggests that buyer demand may be tempering due to affordability concerns. 

“Housing affordability remains a top priority for Maryland REALTORS®,” said Cheryl Abrams Davis, 2025 President. “With inventory levels shrinking and fewer new listings coming to market, buyers are facing competitive conditions. We’ve been witnessing this trend for a while now, and it’s why we’re eager to see the General Assembly pass legislation to allow uniform Accessory Dwelling Unit adoption statewide.  That measure alone could help to bring 30,000 affordable units to consumers.” 

2025 State of Maryland Housing Survey 

Maryland REALTORS® released its annual housing survey of registered Maryland voters last week. For the first time in the history of the survey respondents volunteered, without prompting, that housing affordability was their top concern.  This sentiment was reflected throughout the survey, sometimes in drastic measures.  42% of young renters are considering leaving the state because of the cost of housing.   

Interestingly, 81% overwhelmingly favored the statewide uniform adoption of ADUs. “Local governments should take heed,” said Abrams Davis. “We implore the General Assembly to adopt uniform ADU standards, reflecting the will of their constituents.” 

To view the complete 2025 State of Maryland Housing Survey results, please click here.  

Download January 2025 Housing Statistics

Download January 2025 Housing Infographic

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Additional Resources:  

• Video: ADUs: A Common Sense Solution 
• Video: Maryland's Economy Begins at Home 
• Infographic: State of Maryland Housing 2025 

December 2024 Housing Stats

December 2024 and Annual Data Report Annual Increases in Housing Sales,
According to the Maryland REALTORS^® Housing Statistics

ANNAPOLIS, MD—January 16, 2025—Maryland’s housing sales grew 10.2% in December 2024 to 5,472 units, versus 2023’s total of 4,966, according to the Maryland REALTORS^®’ December 2024 Housing Statistics. The average sales price rose 7.5% to $498,153, while the median sales price grew 6.2% to $424,650.

Looking at 2024 as a whole, housing sales grew 1.5% over 2023, with 68,947 homes sold in the year. The average sales price grew 5.8% to 495,360, while the median sales price grew 5.0% to $420,000. Pending Units (houses under contract) grew 2.9% in 2024. Interestingly, Months of Inventory (housing available for sale) has grown since the pandemic, with 1.0 month of inventory available in 2020 versus 1.6 months in 2024. A balanced real estate market generally has six months of inventory available.

“It’s great to see positive sales because of what real estate contributes to local economies and the state, but this remains an incomplete picture due to lack of inventory and the numbers of people who simply cannot afford the cost of housing in Maryland,” said Cheryl Abrams Davis. “We need the Maryland legislature to step up and create housing opportunity. One easy way they can do that is by adopting consistent, statewide Accessory Dwelling Unit (ADU) regulations.

Often called a “granny flat” or an “in-law suite,” an ADU is a separate living unit situated on the same property as the home. It has its own entrance, plumbing, and electric. It can be attached to the home or separate from it. With enacted, uniform ADU legislation across the state, they can provide affordable housing options to key groups: seniors wishing to age in place, recent college graduates, and service-industry workers.

“This is an economic opportunity that Maryland needs,” added Abrams Davis. “If you want to boost the bottom-line of your local economy, ADUs provide an easy means to do so. These people will add vitality to their local communities in the taxes they pay, the stores and restaurants they frequent, and more, with minimal impact to current infrastructure. We can’t think of a more win-win than this.”

Download December 2024 Housing Statistics

Download December 2024 Housing Infographic

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Maryland REALTORS^® professional members are experts in housing and real estate and are available for interviews and as subject matter experts. Contact Dan Patrell at dan.patrell@mdrealtor.org for more information. 

November 2024 Housing Stats

Maryland Homes Sales Grew 1.4% in Maryland REALTORS^®’ 
November 2024 Housing Statistics 

ANNAPOLIS, MD—December 16, 2024—Housing sales in Maryland increased 1.4% in November 2024 to 5,216 units, compared to 5,146 units sold in 2023, according to the Maryland REALTORS^®’ November 2024 Housing Statistics. The average sales price rose 5.5% to $489,996, while the median sales price grew 6.3% to $425,000.  

Top county performers include Talbot County, where sales grew 69.4%, and neighboring Caroline County, with a 42.1% increase in sales.  The two counties witnessing the largest increases in the average sales price were Talbot County (60.5%) and Allegany County (31.1%). 

Statewide, units pending (houses under contract) grew 13.0%, and Days on Market—the number of days a house is available for sale before it moves off the market—grew to 12 days, versus 11 days in 2023.   

“In Maryland, inventory remains a serious issue, which is reflected in the rise in prices, month after month, year over year, said Cheryl Abrams Davis, Maryland REALTORS^®’ 2025 President. “While we’ve been encouraged at what’s happening at the state level in housing legislation, much work remains to be done, like common sense Accessory Dwelling Unit (ADU) legislation.  While building new housing may take time, ADUs—sometimes referred to as ‘in-law suites’ or ‘granny flats’—can help immediately.” 

Abrams Davis encouraged Marylanders who’ve had challenges in finding a home to visit OpenDoorsMaryland.org to share their stories. “When you share your story, it helps state legislators understand that affordable housing is an issue that directly affects the livelihood and quality of life of their constituents.” 

Download November 2024 Housing Statistics

Download November 2024 Housing Infographic

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Maryland REALTORS^® professional members are experts in housing and real estate and are available for interviews and as subject matter experts.  Contact Dan Patrell at dan.patrell@mdrealtor.org for more information.  

October 2024 Housing Stats

Maryland Home Sales Grew 7.5%  in Maryland REALTORS^®’ 
October 2024 Housing Statistics 

ANNAPOLIS, MD—November 14, 2024—Housing sales in Maryland grew 7.5% in October 2024 to 5,762 units, versus 5,359 units sold in 2023, according to the Maryland REALTORS®’ October 2024 Housing Statistics. The average sales price rose 8.8% to $507,408, while the median sales price grew 6.3% to $425,000.  

Top county performers include Queen Anne’s County, where sales grew 64.3%, and Carroll County, with a 45.1% increase in sales. The two counties witnessing the largest increases in the average sales price were Allegany County (37.7%) and Somerset County (32.8%). 

Statewide, units pending (houses under contract) grew 15.9%, and Days on Market—the number of days a house is available for sale before it moves off the market—grew to thirteen days, 3 more days than in 2023.   

“Our current inventory of available homes stands at 2.1 months,” said Cheryl Abrams Davis, 2025 President, Maryland REALTORS®. “Knowing that in a balanced market we’d see about 6 months of inventory, we still have a ways to go. All the same, seeing October sales in the positive range means more homes are being sold. Every home sold in Maryland has an economic impact of $126,800, which contributes to the vitality of every community in Maryland.  

For consumers wanting to understand best practices for buying or selling a home, Davis suggested they visit MarylandHomeownership.com, Maryland REALTORS®’ consumer site dedicated to providing educational resources for buyers and sellers, to help them with their home journeys.  

Download October 2024 Housing Statistics

Download October 2024 Housing Infographic

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Maryland REALTORS^® professional members are experts in housing and real estate and are available for interviews and as subject matter experts.  Contact Dan Patrell at dan.patrell@mdrealtor.org for more information.  

MarylandHomeownership.com— Better Than Ever Before!

Jacky Mueck
Advocacy and Communications Administrator for Maryland REALTORS^®

We’ve been hard at work updating our consumer site, MarylandHomeownership.com, to make it the best possible resource for you and your clients.

The website has expanded to include a variety of new pages focusing on first time homebuyer saving accounts, rental assistance, eviction prevention, and more. We’ve also updated and expanded pages defining the value and worth REALTORS^® bring to clients and their real estate transactions. To help consumers establish a basis of knowledge to enter the real estate market, we’ve also curated a list of real estate terms and definitions, as well as a list of questions a consumer could ask a REALTOR^® in their initial meetings.

There is now a database of blogs covering topics—from credit scores to scams to look out for— to help educate homeowners, buyers, sellers, renters, and anyone else who needs crucial information about homeownership and housing. Consumers can educate themselves to help better plan for their homeownership journeys and to prepare for their next stage of housing, from moving into their first rental to their first purchase. These blogs are also categorized and tagged so visitors can easily find what they’re looking for.

We’ve created video resources on homebuying and selling for consumers to easily and quickly understand the basics of both transactions, preparing them for the way ahead while also demystifying a lot of the steps towards homeownership.

Our Buyer and Seller toolkits have been updated to have current and correct information, including changes made because of recent legal shifts. Consumers can use these toolkits to understand how the real estate world has changed since their last transaction, or as they learn about it for the first time. On the cover is a space to allow REALTORS^® to add their logos and contact information, making it a tool that comes personally from you!

Our toolkits are also now available in Spanish! While our website has already been accessible in English and Spanish, our downloadable toolkits are now entirely translated to make these incredible resources an asset to even more consumers. Check with your local board/association to see if they have print copies available.

We also have up-to-date fair housing information (in English or Spanish), now including state-wide active military status (as of October 1, 2024), and other local fair housing regulations.

Visitors to our site can register for our ongoing Your Homebuying Keys webinar every second Tuesday of the month, to learn more about the pathway to homeownership from a knowledgeable REALTOR^®, a lender, and experts from Freddie Mac and the Maryland Mortgage Program. Attendees are encouraged to ask questions and engage with knowledgeable speakers and learn more about some of the incredible programs that they could qualify for.

Visitors to MarylandHomeownership.com have the option to learn more by signing up for our quarterly newsletter to stay up to date on changes in real estate and get more resources in their inbox to help them with their search for their next home.

MarylandHomeownership.com is an invaluable resource for any Marylander interested in learning more about housing and homeownership, and it can be your invaluable resource when it comes to helping your clients understand the path to homeownership, selling a home, and REALTOR^® Value and Worth.

Be sure to share it with your clients, first-time buyers and veteran sellers alike!

New Year, New & Updated Forms

Taylor Kitzmiller, Esq.
Associate Counsel at Maryland REALTORS^®.

Presenting our October 2024 Statewide Forms: Update on Changes and Practice Tips

Each fall, Maryland REALTORS^® presents updates to its Statewide Forms Library, which contains the form contracts, disclosures, and addenda that members use to service clients and bring real estate transactions to settlement. This article is designed as a guide for Maryland REALTORS^® members to understand the revisions to existing forms and the creation of new forms, which went into effect as of October 1, 2024.

As always, brokers and office managers seeking additional support are welcome to contact our Legal Affairs Department attorneys to schedule Statewide Forms Update sessions for their agents. Association attorneys are also available via our Legal Hotline service to answer questions about all of our Statewide Forms.

NEW FORMS

National Priorities List (NPL) Superfund Site Disclosure Addendum

HB 486, passed during this last legislative session, requires sellers of a property located within one mile of a National Priorities List (NPL) Superfund site to include an addendum to the contract that includes information on NPL Superfund sites. Buyers have the right to terminate the contract within 5 days after receiving the addendum. The new National Priorities List (NPL) Superfund Site Disclosure Addendum allows the seller to disclose the existence of a NPL Superfund Site(s) located within one mile of the property and advises the buyer of their right to terminate the Contract of Sale within five days after executing the Addendum.

Practice Tip – Sellers can determine if their property is located within one mile of a NPL Superfund Site by going to https://map22.epa.gov/cimc/superfund.

REVISED FORMS

Residential Contract of Sale

• The new NPL Superfund Site Disclosure Addendum has been added to the list of Addenda/Disclosures in Paragraph 11.
• HB 11, passed during this last legislative session, requires a contract of sale for property with a private or domestic water supply well to allow the buyer to test the water quality of the well. The buyer may waive their right to have the water quality of the well tested. This information has been added as Paragraph 29. At the bottom of Paragraph 29, the buyer may either initial that the Water Quality Test Addendum is attached to the Contract of Sale or initial that they waive their right to have the well tested.

Water Quality Test Addendum

HB 11, passed during this last legislative session, requires a contract of sale for property with a private or domestic water supply well to allow the buyer to test the water quality of the well. The buyer and seller will use the Water Quality Test Addendum to conduct the water quality test of the well. Previously, the buyer only had to provide the water quality test results to the seller if the buyer was unsatisfied with the test results. However, HB 11 requires both the buyer and seller to be provided with the test results. Thus, the Water Quality Test Addendum has been revised to require the buyer to supply the test results to the seller regardless of whether the buyer is satisfied with the test results.

Release of Deposit Agreement

Senate Bill 651, passed by the Maryland General Assembly in 2023, changed the process for the release of an earnest money deposit when the Buyer terminates the Contract pursuant to a contingency. Under the new law, if a Buyer terminates the Contract pursuant to a contingency as defined by Section 10-803(a)(2) of the Real Property Article, Annotated Code of Maryland, they may provide a written notice to the Seller and

the holder of the deposit requesting the full return of the deposit. If the Seller wants to protest the release of the deposit, Seller must provide the holder of the deposit with a notarized, written request for mediation relating to the release of the deposit within ten (10) days of receipt of the Buyer’s request. If the Seller does not protest the release of the deposit or if they fail to provide the holder of the deposit with a notarized, written request for mediation within the ten (10) day period, the holder of the deposit shall distribute the deposit to the Buyer within thirty (30) days of receipt of the Buyer’s request. This explanation of the release of deposit procedure has been added to the Release of Deposit Agreement along with a list of contingencies that trigger the new release of deposit procedure.

Exclusive Right to Sell Residential Brokerage Agreement

• HB 11, passed during this last legislative session, requires a contract of sale for property with a private or domestic water supply well to allow the buyer to test the water quality of the well. Paragraph 30 has been added to allow the seller to notify the broker if there is a private or domestic water supply well located on the property.
• HB 486, passed during this last legislative session, requires sellers of a property located within one mile of a National Priorities List (NPL) Superfund site to include an addendum to the contract that includes information on NPL Superfund sites. Paragraph 31 has been added to allow the seller to notify the broker if a NPL Superfund site is located within one mile of the property.
• The NPL Superfund Site Disclosure Addendum has been added to the list of addenda in Paragraph 35.

Condominium Resale Notice/Condominium Resale Disclosure Certificate Council Of Unit Owners/ Resale of Condominium Unit Acknowledgment/Condominium Resale Disclosure and Transmittal of Documents From Seller as Unit Owner

HB 143, passed during this last legislative session, requires a unit owner to provide a statement, no later than 15 days prior to closing, on their knowledge of the presence of asbestos in the unit and whether abatement has been performed during the occupancy of the owner. The condominium documents have been updated with new statutory language that requires the disclosure of any knowledge of asbestos in the unit and whether abatement has been performed during the occupancy of the owner.

VA Financing Addendum

Previously, there was confusion over the buyer’s options when the Certificate of Reasonable Value is less than the amount of the Contract price. We have added language to clarify that the buyer has five (5) days to either: (1) take no action which will result in the Contract becoming null and void at the end of the five (5) day period; (2) notify the Seller that they agree to move forward with the Contract at the Contract Price; or (3) negotiate with the Seller to lower the Contract Price. If the parties agree to lower the Contract Price during the five (5) day period, the Buyer covenants and agrees to be bound to proceed with consummation hereof at the agreed upon Contract Price. If, after negotiations, the Seller refuses to lower the Contract Price, but the Buyer still wants to proceed with the Contract at the Contract Price, the Buyer must notify the Seller in writing of their intention to do so before the five (5) day period expires, or the Contract will become null and void.

General Residential Dwelling Lease Template

HB 139, passed during this last legislative session, requires a landlord to provide a copy of the utility bill to the tenant if the tenant pays the landlord directly for the cost of utilities. HB 693, passed during this last legislative session, limits the maximum amount for a security deposit to one month’s rent. We have revised the General Residential Dwelling Lease Template to note that the maximum amount of security deposit can be one month’s rent and have clarified the landlord’s responsibility to provide the tenant with a copy of the utility bill to the tenant if the tenant pays the landlord directly for the cost of utilities.

• We have clarified the required amount of notice that a landlord must provide to a tenant prior to the tenant vacating the property at the end of their lease term.
• We have added the ability to specify a repair deductible amount that a tenant is responsible for paying for damages in excess of ordinary wear and tear.
• We have added the ability to specify the minimum amount of tenant liability insurance that the tenant must obtain.

Unimproved Land Contract of Sale

• The Buyer’s Request for Seller’s Compensation of Buyer’s Broker Addendum has been added to the list of addenda in Paragraph 11.
• HB 11, passed during this last legislative session, requires a contract of sale for property with a private or domestic water supply well to allow the buyer to test the water quality of the well. The buyer may waive their right to have the water quality of the well tested. This information has been added as Paragraph 34. At the bottom of Paragraph 34, the buyer may either initial that the Water Quality Test Addendum is attached to the Contract of Sale or initial that they waive their right to have the well tested.