Real Property - Residential Sales - Communications During Appraisal Process

SB 817 requires appraisers to notify home buyers, sellers, or their agents if a property's appraisal value may be lower than the contract price or refinance estimate. It allows these parties to submit verified comparable sales data within two days to support the agreed price, provided the data follows a standard format. Appraisers must include a detailed addendum in their final report documenting all submitted information, the notification dates, and whether the data changed the valuation. The law applies to residential real estate appraisals in Maryland and takes effect October 1, 2026.