A Maryland residential purchase agreement is a legally binding document between a buyer and seller for the sale of a home.
It details the sale’s terms, such as price, deadlines, contingencies, and both parties’ information. Once signed, it finalizes the transaction unless mutually revoked.
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Federal law (42 U.S. Code § 4852d) requires sellers to disclose any known lead hazards for homes built before 1978.
It is mandatory for a seller's representative to inform potential buyers about any existing problems with the property, including environmental risks, structural issues, and issues related to the property's title, in compliance with § 10-702.
Ground Rent Disclosure: Sellers must inform the buyer if the property is subject to ground rent, detailing the terms and conditions. Ground rent is particularly common in Baltimore and involves leasing the land separately from the home [1] .
Homeowners Association Disclosure: Sellers of properties within a homeowners association are obligated to provide the buyer with comprehensive details about the association, including its rules and regulations, fee structure, and any pending assessments [2] .
Condominium Association Disclosure: Similar to the Homeowners Association requirement, sellers of condominium units must furnish buyers with specific details about the condominium association. This includes a report of any unpaid assessments against the unit as well as the association’s current budget [3] .
Maryland does require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.
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