|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 LAWS OF MARYLAND
|
|
|
|
|
Ch. 135
|
|
|
|
|
|
|
|
|
|
CHAPTER 135
(Senate Bill 192)
AN ACT concerning
Real Property - Residential Property Disclaimer and Disclosure Statements
- Latent Defects
FOR the purpose of requiring that a residential property disclaimer statement to
state that a vendor represents and warrants that disclose any latent defect
defects of which the vendor has no actual knowledge of latent defects in the real
property or improvements on the real property except as disclosed on the
residential property disclaimer statement and state that, except for latent
defects that are disclosed, the vendor makes no representations or warranties
and that a purchaser will receive the real property "as is", with all defects,
including latent defects, that may exist, except as otherwise provided in the
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; requiring the State Real Estate Commission to include certain
information in a certain form; 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.
- 942 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
