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ROBERT L. EHRLICH, JR., Governor Ch. 548
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)] (F) (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)] (G) 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.
[(g)] (H) (1) A purchaser who does not receive the disclosure or disclaimer
statement on or before entering into the contract of sale has the unconditional right,
upon written notice to the vendor or vendor's agent:
(i) To rescind the contract of sale at any time before the receipt of
the disclosure or disclaimer statement or within 5 days following receipt of the
disclosure or disclaimer statement; and
(ii) To the immediate return of any deposits made on account of the
contract.
(2) A purchaser's right to rescind the contract of sale under this
subsection terminates if not exercised:
(i) Before making a written application to a lender for a mortgage
loan, if the lender discloses in writing at or before the time application is made that
the right to rescind terminates on submission of the application; or
(ii) Within 5 days following receipt of a written disclosure from a
lender who has received the purchaser's application for a mortgage loan, if the
lender's disclosure states that the purchaser's right to rescind terminates at the end
of that 5-day period.
[(h)] (I) (1) A disclosure statement made under this section does not
constitute a warranty by the vendor as to:
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