Dear sammysperling-ga;
Thank you for allowing me an opportunity to answer your interesting
question.
Currently the only disclosure, as it applies to sales in Maryland,
covered by Federal law is a lead contamination disclosure. This
requires the seller to outline any presence of lead-based paint, or
lead contaminated dust and soil under the “Residential Lead-Based
Paint Hazard Reduction Act of 1992”.
At the state level, “Section 10-702 of the Real Property Article,
Annotated Code of Maryland”, requires the owner of certain residential
real properties to furnish to the purchaser either (a) a RESIDENTIAL
PROPERTY DISCLAIMER STATEMENT stating that the owner is selling the
property "as is" and makes no representations or warranties as to the
condition of the property or any improvements on the property, except
as otherwise provided in the contract of sale, or (b) a RESIDENTIAL
PROPERTY DISCLOSURE STATEMENT disclosing defects or other information
about the condition of the real property actually known by the owner.
I believe this may in fact be more in line with information you are
seeking. It should be noted though that the following structures are
EXEMPT from the provisions of section 10-702:
The initial sale of single family residential real property that has
(a) never been occupied, or (b) a certificate of occupancy has been
issued within 1 year before the seller and buyer enter into a contract
of sale.
A transfer that is exempt from the transfer tax under 13-207 of the
Tax-Property Article, except land installment contracts of sale under
13-207(11) of the Tax-Property Article and options to purchase real
property under 13-207 (12) of the Tax-Property Article.
A sale by a lender, or an affiliate or subsidiary of a lender, which
acquired the real property by foreclosure or deed in lieu of
foreclosure
A sheriff's sale, tax sale, or sale by foreclosure, partition, or by
court appointed trustee
A transfer by a fiduciary in the course of the administration of a
decedent's estate, guardianship, conservatorship, or trust; or
A transfer of single family Residential Real Property to be converted
by the buyer into use other than residential use or to be demolished
A sale of unimproved real property
State laws concerning seller disclosure vary from state to state and
in terms of what the sellers need to disclose to buyers when they
sell. Some states, like California for example, require all sellers to
deliver a Real Estate Transfer Disclosure Statement while in other
states this is voluntary or not available at all except as mandated by
federal law, such as for lead-based paint and flood hazard zone
disclosures. As you can see above, Maryland law is primarily concerned
with the viability and the representation of the physical structure.
In today's consumer-conscious, litigious-prone society, "seller
beware" is the more appropriate admonition. Most buyers nowadays not
only expect a disclosure of some sort, they often demand it. Problems
do occur however, even in states where a disclosure is required. Keep
in mind that not every seller is as honest as they should be simply
because the truth sometimes impedes the sale. Lawsuits sometimes arise
when a homeowner discovers an intentionally omitted or concealed
defect. Any reputable real estate agent or a real estate attorney can
provide you with additional information about federal and state
homeowner disclosures. It might also be wise to check with local
businesses for any old inspection reports or estimates for work that
might have been filed or requested by the former owner or builder. You
may discover that the previous owner had asked for an estimate for the
repair of a dangerous or costly situation and chose neither to fix or
nor disclose it. Contact your local heating and air companies,
builders, roofers, plumbers etc. It is time consuming but may end up
being very enlightening.
I have carefully defined my search strategy for you below so you can
repeat it if necessary in order to obtain more information. I hope you
find that that my research exceeds your expectations. If you have any
questions about my research please post a clarification request prior
to rating the answer. Otherwise, I welcome your rating and your final
comments and I look forward to working with you again in the near
future. Thank you for using Google Answers.
Best regards;
Tutuzdad-ga
INFORMATION SOURCES
“NOTICE TO SELLER OF SELLER'S RIGHTS AND OBLIGATIONS UNDER MARYLAND'S
PROPERTY CONDITION DISCLOSURE AND DISCLAIMER ACT”
(This document outlines all of the requirements according to Maryland
State Law)
http://www.holidayoc.com/sales/forms/disclosuredisclaimer.html
Printable version
http://www.dllr.state.md.us/forms/danddform.doc
“Legislative Update”
http://frs.fnf.com/Legupdates/maryland.html
“Residential Lead-Based Paint Hazard Reduction Act of 1992”
42 U.S.C. § 4851 et seq.; 24 C.F.R. § 35.80 et seq., and 40 C.F.R. §
745.100 et seq.
http://counsel.cua.edu/FEDLAW/Lead.htm
“LexisNexis”
(Remember, the section you are looking for is “Section 10-702”. Select
the appropriate thread on the left to read the laws that apply to the
sale of real property)
http://198.187.128.12/maryland/lpext.dll?f=templates&fn=fs-main.htm&2.0
New Maryland Homebuilder Registration Act REALTORS® Beware!
by Alvin C. Monshower, Jr., Esq.
http://www.gcaar.com/legalcorner/maryland_homebuilder.htm
SEARCH STRATEGY
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SEARCH TERMS USED:
Maryland disclosure laws
Maryland disclosure requirements
Maryland real estate disclosure
Maryland real estate requirements
Federal disclosure laws
Federal property disclosure laws
Federal disclosure regulations
Federal disclosure real estate
Seller disclosure Maryland |
