Real Estate in Maryland

In the state of Maryland, property buyers are required to put up an earnest deposit that is used to hold the property and other parts of the transaction until the transaction is complete. In most parts of Maryland, the earnest deposit is around five percent of the total value of the property. If the transaction does not go through, then the buyer is entitled to receive that deposit back. However, if the papers the buyer signed do not specifically state that the earnest deposit is to be returned if the transaction fails, then the buyer may not get their money back. Buyers in Maryland need to make sure that their contracts state that they will get their earnest deposit back if their deal falls through.

In Maryland, any nonresident that is selling a property within the state must pay a withholding tax to the state of Maryland before the deal can be finalized. If the nonresident is an individual person, then the tax is 7.5 percent of the total transaction. If the nonresident is a legal group or entity, then the tax would be 8.25 percent of the total transaction. This withholding tax must be paid before the deal will be allowed to be finalized.

To view an extensive directory of Real Estate Agents in Maryland click here.

Residential and Commercial Real Estate Agencies and Associations in Maryland

Maryland Association of Realtors
Address: Maryland Association of Realtors
200 Harry Truman Parkway
Suite 200
Annapolis, MD 21401
Office Phone Number: (800) 638-6425
Web site: www.mdrealtor.org

Ann Arundel County Association of Realtors
Address: Ann Arundel County Association of Realtors
1521 Ritchie Highway
Suite 300
Arnold, MD 21012
Office Phone Number: (410) 544-4554
Web site: https://www.aacar.com

Southern Maryland Association of Realtors
Address: Southern Maryland Association of Realtors
8440 Old Leonardtown Road
Hughesville, MD 20637
Office Phone Number: (301) 274-4406
Toll-Free Number: (888) 340-8727
Web site: www.southernmarylandrealtors.org

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