Maryland may not be one of the largest states in the United States; however, it does serve as the home state for a significant portion of the population. This state has suburbs jam-packed with families and busy cities filled with businesspeople and politicians who have commuted from Washington, D.C. for a less expensive cost of living. There are a great many real estate opportunities throughout Maryland.
The State of Maryland has a Real Estate Commission under their Division of Occupational and Professional Licensing. Not only does the Commission handle licensing of real estate agents and brokers, but it also takes care of any complaints and subsequent disciplinary actions against agents or brokers.
The official mission statement of the Commission states that the organization will work to safeguard the "health, safety, and welfare" of the general public through the methods it uses in examining, licensing, and regulating real estate activities. In other words, the Commission acts to make laws on real estate practices and procedures that help the public.
Of course, there are dozens (if not more) of real estate laws in Maryland. However, these are some of the more commonly known:
Ground Rent isn't common across the country; however, in parts of Maryland—especially throughout Baltimore—it is quite ordinary. The concept dates back to the 18th century and was intended to keep initial homeownership costs low.
The way this real estate practice works is that when someone purchases a home, they become the owner of the actual home; however, someone else owns that actual property on which the home resides. So, the homeowner must pay rent to the owner of the property, or ground—in other words, he must pay ‘ground rent.'
Typically, this amount ranges from $50 to $150 annually, paid in two installments. Homeowners can arrange to purchase the ground when buying their homes, though, so as to avoid this yearly cost.