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Maryland real estate forms are legal documents that facilitate the buying, selling, or leasing of properties in Maryland. They help ensure all parties involved are adequately informed and protected throughout the transaction.
Some commonly used real estate forms in Maryland include the Residential Contract of Sale, Lease Agreement, Seller Disclosure Statement, Lead-Based Paint Disclosure, and the Addendum for Environmental Disclosures.
Yes, there are specific requirements for using Maryland real estate forms. They must comply with Maryland state laws and regulations governing real estate transactions. It's crucial to consult with a qualified real estate attorney or licensed agent to ensure compliance.
Yes, many websites provide access to Maryland real estate forms for download. However, it's essential to verify the credibility and accuracy of the source, as outdated or incorrect forms can lead to legal complications. Consider obtaining forms from reputable sources like the Maryland Association of Realtors or consulting with a professional.
While you can fill out Maryland real estate forms yourself, it is advisable to seek assistance from a qualified professional. Real estate transactions involve intricate legal terminology and obligations, so working with a licensed agent or attorney ensures accuracy and mitigates potential risks.
Maryland real estate forms generally require information about the parties involved, property details, purchase price/rental terms, financing conditions, contingencies, and any relevant disclosures or disclaimers. Each specific form may have additional requirements.
Yes, Maryland real estate forms are legally binding once all parties involved have signed them. It is crucial to read and understand the terms and conditions before signing, as contractual obligations come into effect once executed.
Modifying Maryland real estate forms without proper authorization or consent from all parties involved can be risky and may render the form invalid. If changes are required, it's advisable to consult a real estate attorney or seek guidance from the other party(ies) involved.
Failure to use Maryland real estate forms in a transaction may lead to legal complications, disputes, or potential voiding of the agreement. Adhering to the state-specific forms helps ensure compliance with relevant laws and protects the rights and interests of all parties.
For additional resources and assistance with Maryland real estate forms, consider reaching out to the Maryland Association of Realtors, local real estate agencies, or consulting a qualified real estate attorney. They can provide guidance, answer specific questions, and ensure compliance with state regulations.
§ 10-702 REAL PROPERTY - Disclosures required for sale of single family residential property.
(a) Applicability of section.
(1) This section applies only to single family residential real property improved by four or fewer single family units.
(2) This section does not apply to:
(i) The initial sale of single family residential real property:
1. That has never been occupied; or
2. For which a certificate of occupancy has been issued within 1 year before the vendor and purchaser enter into a contract of sale;
(ii) A transfer that is exempt from the
transfer tax under §13-207 TAX-PROP. of the Tax-Property Article,
except land installment
contracts of sale under § 13-207(a)(11) of the Tax-Property Article
and options to purchase real property under § 13-207(a)(12) of the
Tax-Property Article;
(iii) A sale by a lender or an affiliate or subsidiary of a lender that acquired the real property by foreclosure or deed in lieu of foreclosure;
(iv) A sheriff's sale, tax sale, or sale by foreclosure, partition, or by court appointed trustee;
(v) A transfer by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust;
(vi) A transfer of single family residential real property to be converted by the buyer into a use other than residential use or to be demolished; or
(vii) A sale of unimproved real property
(b) Duty of vendor; development of form. (1) A vendor of single family residential real property shall complete and deliver to each purchaser:
(i) A written residential property condition disclosure statement on a form provided by the State Real Estate Commission; or
(ii) A written residential property disclaimer statement on a form provided by the State Real Estate Commission.
(2) The State Real Estate Commission shall develop by regulation a single standardized form that includes the residential property condition disclosure and disclaimer statements required by this subsection.
(c) Contents of residential property disclaimer statement. The residential property disclaimer statement shall state that:
(1) The vendor makes no representations or warranties as to the condition of the real property or any improvements on the real property; and
(2) The purchaser will be receiving the real property "as is", with all defects that may exist, except as otherwise provided in the contract of sale of real property.
(d) Contents of residential property disclosure statement.
(1) The residential property disclosure statement shall disclose those items that, to carry out the provisions of this section, the State Real Estate Commission requires to be disclosed about the physical condition of the property.
(2) The disclosure form shall include a list of defects or information of which the vendor has actual knowledge in relation to the following:
(i) Water and sewer systems, including the source of household water, water treatment systems, and sprinkler systems;
(ii) Insulation;
(iii) Structural systems, including the roof, walls, floors, foundation, and any basement;
(iv) Plumbing, electrical, heating, and air conditioning systems;
(v) Infestation of wood-destroying insects;
(vi) Land use matters;
(vii) Hazardous or regulated materials, including asbestos, lead-based paint, radon, underground storage tanks, and licensed landfills;
(viii) Any other material defects known to the vendor; and
(ix) Whether the smoke detectors will provide an alarm in the event of a power outage.
(3) The disclosure form shall contain:
(i) A notice to prospective purchasers and vendors that the prospective purchaser or vendor may wish to obtain professional advice about or an inspection of the property;
(ii) A notice to prospective purchasers that disclosure by the seller is not a substitute for an inspection by an independent home inspection company, and that the purchaser may wish to obtain such an inspection;
(iii) A notice to purchasers that the information contained in the disclosure statement is the representation of the vendor and is not the representation of the real estate broker or salesperson, if any; and
(iv) A notice to purchasers that the information contained in the disclosure statement is not a warranty by the vendor as to:
1. The condition of the property of which the vendor has no actual knowledge; or
2. Other conditions of which the vendor has no actual knowledge.
(4) The vendor is not required to undertake or provide an independent investigation or inspection of the property in order to make the disclosures required by this section.
(e) Delivery of disclosure or disclaimer statement.
(1) Except as provided in paragraphs (2) and (3) of this subsection, the vendor shall deliver the completed disclosure or disclaimer statement required by this section to the purchaser on or before entering into a contract of sale by the vendor and the purchaser.
(2) The disclosure or disclaimer statement shall be delivered to each purchaser before the execution of the contract of sale by the purchaser in the case of a land installment contract, as defined in § 10-101 of this title.
(3) The disclosure or disclaimer statement shall be delivered to each purchaser before the execution by the purchaser of an option to purchase agreement or a lease agreement containing an option to purchase provision.
(4) At the time the disclosure or disclaimer statement is delivered, each purchaser shall date and sign a written acknowledgment of receipt, which shall be included in or attached to the contract of sale.
(f) Right to rescission. Limitations. A purchaser who receives the disclosure or disclaimer statement on or before entering into the contract of sale does not have the right to rescind the contract of sale based upon the information contained in the statement.
§ 10-702 REAL PROPERTY - Disclosures required for sale of single family residential property.
(a) Applicability of section.
(1) This section applies only to single family residential real property improved by four or fewer single family units.
(2) This section does not apply to:
(i) The initial sale of single family residential real property:
1. That has never been occupied; or
2. For which a certificate of occupancy has been issued within 1 year before the vendor and purchaser enter into a contract of sale;
(ii) A transfer that is exempt from the
transfer tax under §13-207 TAX-PROP. of the Tax-Property Article,
except land installment
contracts of sale under § 13-207(a)(11) of the Tax-Property Article
and options to purchase real property under § 13-207(a)(12) of the
Tax-Property Article;
(iii) A sale by a lender or an affiliate or subsidiary of a lender that acquired the real property by foreclosure or deed in lieu of foreclosure;
(iv) A sheriff's sale, tax sale, or sale by foreclosure, partition, or by court appointed trustee;
(v) A transfer by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust;
(vi) A transfer of single family residential real property to be converted by the buyer into a use other than residential use or to be demolished; or
(vii) A sale of unimproved real property
(b) Duty of vendor; development of form. (1) A vendor of single family residential real property shall complete and deliver to each purchaser:
(i) A written residential property condition disclosure statement on a form provided by the State Real Estate Commission; or
(ii) A written residential property disclaimer statement on a form provided by the State Real Estate Commission.
(2) The State Real Estate Commission shall develop by regulation a single standardized form that includes the residential property condition disclosure and disclaimer statements required by this subsection.
(c) Contents of residential property disclaimer statement. The residential property disclaimer statement shall state that:
(1) The vendor makes no representations or warranties as to the condition of the real property or any improvements on the real property; and
(2) The purchaser will be receiving the real property "as is", with all defects that may exist, except as otherwise provided in the contract of sale of real property.
(d) Contents of residential property disclosure statement.
(1) The residential property disclosure statement shall disclose those items that, to carry out the provisions of this section, the State Real Estate Commission requires to be disclosed about the physical condition of the property.
(2) The disclosure form shall include a list of defects or information of which the vendor has actual knowledge in relation to the following:
(i) Water and sewer systems, including the source of household water, water treatment systems, and sprinkler systems;
(ii) Insulation;
(iii) Structural systems, including the roof, walls, floors, foundation, and any basement;
(iv) Plumbing, electrical, heating, and air conditioning systems;
(v) Infestation of wood-destroying insects;
(vi) Land use matters;
(vii) Hazardous or regulated materials, including asbestos, lead-based paint, radon, underground storage tanks, and licensed landfills;
(viii) Any other material defects known to the vendor; and
(ix) Whether the smoke detectors will provide an alarm in the event of a power outage.
(3) The disclosure form shall contain:
(i) A notice to prospective purchasers and vendors that the prospective purchaser or vendor may wish to obtain professional advice about or an inspection of the property;
(ii) A notice to prospective purchasers that disclosure by the seller is not a substitute for an inspection by an independent home inspection company, and that the purchaser may wish to obtain such an inspection;
(iii) A notice to purchasers that the information contained in the disclosure statement is the representation of the vendor and is not the representation of the real estate broker or salesperson, if any; and
(iv) A notice to purchasers that the information contained in the disclosure statement is not a warranty by the vendor as to:
1. The condition of the property of which the vendor has no actual knowledge; or
2. Other conditions of which the vendor has no actual knowledge.
(4) The vendor is not required to undertake or provide an independent investigation or inspection of the property in order to make the disclosures required by this section.
(e) Delivery of disclosure or disclaimer statement.
(1) Except as provided in paragraphs (2) and (3) of this subsection, the vendor shall deliver the completed disclosure or disclaimer statement required by this section to the purchaser on or before entering into a contract of sale by the vendor and the purchaser.
(2) The disclosure or disclaimer statement shall be delivered to each purchaser before the execution of the contract of sale by the purchaser in the case of a land installment contract, as defined in § 10-101 of this title.
(3) The disclosure or disclaimer statement shall be delivered to each purchaser before the execution by the purchaser of an option to purchase agreement or a lease agreement containing an option to purchase provision.
(4) At the time the disclosure or disclaimer statement is delivered, each purchaser shall date and sign a written acknowledgment of receipt, which shall be included in or attached to the contract of sale.
(f) Right to rescission. Limitations. A purchaser who receives the disclosure or disclaimer statement on or before entering into the contract of sale does not have the right to rescind the contract of sale based upon the information contained in the statement.