Effective October 1, 2022, Real Estate Agents can be paid at the time of closing. Maryland Realtors issues a report every year on the Maryland Legislative session to summarize the legislation that affects the real estate industry. The Real Estate Commission was concerned over the statutory authority for the transactions that occurred at the time of closing. That’s why Senate Bill 425 passed, providing clarification. Learn how this new Maryland law change can benefit real estate agents.
How This Law Change Impacts Maryland Real Estate Agents
According to the Senate Bill 425:
Authorizing a licensed title insurance producer to pay compensation for the provision of real estate brokerage services to associate real estate brokers, real estate salespersons, or certain business entities on behalf of a real estate broker in accordance with written disbursement authorization provided by the real estate broker.
This new law change provides an understanding that title companies can pay compensation to real estate licensees on behalf of the real estate broker, along with a written disbursement authorization provided by the real estate broker. This allows the continuation of the “pay at the table” option that is provided by some real estate and title companies, including Express Title.
Contact Express Title Today!
In Maryland, this new legislation has changed the way real estate agents get paid, which means by October 1, 2022, Express Title Company can pay agents directly at the time of closing, with of course the permission of the real estate broker.
Express Title is a multi-jurisdictional settlement company that conducts real estate closings. We know that successful real estate agents rely on knowledgeable and experienced title insurance professionals. Our team is prepared to exceed expectations and help realtors and homeowners get through the transaction process efficiently. We invest and provide guidance to help you succeed. Contact us Today!