Real Property - Residential Sales - Communications During Appraisal Process

HB 1299 requires appraisers to notify buyers, sellers, or their designated point of contact if an appraisal value may be below the contract price or refinance estimate. Interested parties (like lenders or real estate agents) can then submit verified sales data or pending sale documentation within 48 hours for the appraiser to consider. The final appraisal report must include an addendum detailing the notification, submitted data, and whether the additional information changed the valuation. This applies to residential property transactions in Maryland and aims to standardize communication during the appraisal process.