MD SB691

Simplifies the definition of "contingency clause" by removing the specific enumerated list of 15 contingency types (appraisals, inspections, short sales, etc.) and replacing it with a general definition covering any clause that requires a specific event for contract enforceability and entitles a party to terminate and receive trust money

Reduces the timeframe for trust money distribution to purchasers from 30 days to 15 days (10 days for seller to file complaint or request mediation, plus 5 days for holder to distribute funds) when a purchaser terminates a residential real estate contract under a contingency clause

Requires sellers disputing trust money distribution to provide a copy of their notarized mediation request to the mediator, rather than just submitting a notarized written request

Provides liability protection for holders of trust money (escrow agents and licensed real estate brokers) who distribute funds in accordance with the statutory procedures

Takes effect October 1, 2026