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2005 LAWS OF MARYLAND
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Ch. 548
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contract of sale of the real property; requiring a residential property disclosure
form to include a list of all defects, including latent defects, or information of
which the vendor has actual knowledge in relation to certain items; defining a
certain term; and generally relating to residential property disclaimer and
disclosure statements.
BY repealing and reenacting, with amendments,
Article - Real Property
Section 10-702
Annotated Code of Maryland
(2003 Replacement Volume and 2004 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Real Property
10-702.
(a) IN THIS SECTION, "LATENT DEFECTS" MEANS MATERIAL DEFECTS IN REAL
PROPERTY OR AN IMPROVEMENT TO REAL PROPERTY OF WHICH THE VENDOR HAS
ACTUAL KNOWLEDGE THAT:
(1) A PURCHASER WOULD NOT REASONABLY BE EXPECTED TO
ASCERTAIN OR OBSERVE BY A CAREFUL VISUAL INSPECTION OF THE REAL
PROPERTY; AND
(2) WOULD POSE A DIRECT THREAT TO THE HEALTH OR SAFETY OF:
(I) THE PURCHASER; OR
(II) AN OCCUPANT OF THE REAL PROPERTY, INCLUDING A TENANT
OR INVITEE OF THE PURCHASER.
(B) (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
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;
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