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Big Issues, Short Takes for Builders & Developers – September 2014

Author: Michael A. Faerber Date: 09/03/2014

Categories: Real Estate Law

Both Prince George’s and Montgomery Counties have enacted new laws that directly affect builders and developers whose projects are in those jurisdictions.

 

 

PRINCE GEORGE’S COUNTY – CHANGES IN PRIVATE WATER/SEWER DISCLOSURES
As of October 1, 2014, if you are selling homes in a project with private water and sewer charges, you are required to provide additional disclosure information to your home purchasers about those charges at the time of contract signing.  Also, if a private utility company collects water and sewer charges on your behalf, your annual invoices must include additional information about the water and sewer charges.

 

 

MONTGOMERY COUNTY – REQUIRED DISCLOSURE ABOUT TAX CREDITS FOR ACCESSIBILITY IMPROVEMENTS
Since July 1, 2014, Montgomery County has required home builders that sell single-family residential real property to include a new disclosure with the contract (or an addendum).  The disclosure notifies a buyer that a real property tax credit may be available for the cost of installing accessibility features or the cost of Level I or Level II accessibility standards.  It must include information about the types of improvements that qualify for credits as well as an estimate of the general cost to make the improvements.

 

 

If you need assistance with any of the disclosures, invoices or contracts affected by these new disclosures, feel free to contact me at 301-251-1180 or by e-mail at mfaerber@mcmillanmetro.com