Ground Leases – Application for Redemption – Procedures
Impact
The provisions of SB901 will significantly affect real estate law in Maryland, particularly relevant to tenants under long term ground leases. By allowing leasehold tenants greater ability to redeem these leases, the bill is expected to empower tenants and alter landlord-tenant dynamics. The changes may make the market more favorable for tenants, as they now have more straightforward access to redeem their rights to property previously encumbered by long-term ground leases. Additionally, it includes a provision allowing the City of Baltimore to acquire certain properties under ground leases, which may influence urban property management strategies.
Summary
Senate Bill 901, also known as the Ground Leases – Application for Redemption – Procedures Act, aims to modify existing laws concerning the redemption of ground leases in Maryland. The bill outlines new procedures that leasehold tenants must follow to apply for the redemption of ground leases, thereby providing clearer regulations regarding the process. It specifies that ground leases lengthening beyond 15 years are redeemable at the tenant's option, requiring a notice period before redemption to the ground lease holder, thus enhancing tenant rights in lease agreements.
Contention
However, discussions surrounding SB901 may reveal points of contention, particularly from landlords who could view this as an infringement on their property rights. The amendment requires tenants to provide advance notice and follow specific procedures, which seeks to balance tenant empowerment with the rights of landlords. While some stakeholders advocate for stronger protections for tenants, others argue that such legislative efforts could lead to complications in property management and decreased investment incentives for landlords.
"The Manufactured Home Park Protection Act"; expands opportunity to purchase for resident homeowners in certain manufactured home parks; modifies certain requirements for disposition of private residential leasehold communities.
"The Manufactured Home Park Protection Act"; expands opportunity to purchase for resident homeowners in certain manufactured home parks; modifies certain requirements for disposition of private residential leasehold communities.
Tribal Trust Land Homeownership Act of 2023 This bill sets forth requirements for the processing of a proposed residential leasehold mortgage, business leasehold mortgage, land mortgage, or right-of-way document by the Bureau of Indian Affairs (BIA). The BIA must notify lenders upon receipt of such documentation, perform a preliminary review of such documents not later than 10 days after receipt, and approve or disapprove of such documents within 20 or 30 days, depending on the type of application. Additionally, the bill sets forth requirements for the BIA regarding (1) response times for the completion of certified title status reports, (2) notification of delays in processing, and (3) the form of notices and delivery of certain reports. The bill also provides relevant federal agencies and Indian tribes with read-only access to the Trust Asset and Accounting Management System maintained by the BIA. The Government Accountability Office must report on digitizing documents for the purpose of streamlining and expediting the completion of mortgage packages for residential mortgages on Indian land. Finally, the bill establishes within the BIA's Division of Real Estate Services the position of Realty Ombudsman.
Relating to the sale by the Brazos River Authority of certain residential and commercial leased lots and other real property in the immediate vicinity of Possum Kingdom Lake.