MD HB1029

Simplifies the definition of "contingency clause" by removing the enumerated list of 15 specific contingency types (appraisals, inspections, short sales, etc.) and retaining only the general definition requiring a specific event for contract enforceability

Reduces the time period for trust money distribution from 30 days to 5 days after the seller's 10-day response window expires, when no court complaint or mediation request is filed

Requires mediation requests to be provided directly to a mediator and submitted as a notarized copy to the holder of trust money, rather than just a general written request

Applies to residential real estate defined as property with four or fewer single-family dwelling units or unimproved land zoned for residential use

Takes effect October 1, 2026