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ROBERT L. EHRLICH, JR., Governor
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Ch. 135
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(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;
(iv) A sheriffs sale, tax sale, or sale by foreclosure, partition, or by
court appointed trustee;
(v) A transfer by a fiduciary in the course of the administration of a
decedent's estate, guardianship, conservatorship, or trust;
(vi) A transfer of single family residential real property to be
converted by the buyer into a use other than residential use or to be demolished; or
(vii) A sale of unimproved real property.
[(b)] (C) (1) A vendor of single family residential real property shall
complete and deliver to each purchaser:
(i) A written residential property condition disclosure statement on
a form provided by the State Real Estate Commission; or
(ii) A written residential property disclaimer statement on a form
provided by the State Real Estate Commission.
(2) The State Real Estate Commission shall develop by regulation a
single standardized form that includes the residential property condition disclosure
and disclaimer statements required by this subsection.
[(c)] (D) The residential property disclaimer statement shall state:
(1) DISCLOSE ANY LATENT DEFECTS OF WHICH THE VENDOR HAS
ACTUAL KNOWLEDGE; AND
(2) STATE that:
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- 943 -
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