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Ch. 135 2005 LAWS OF MARYLAND
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(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:
(i) The condition of the property of which the vendor has no actual
knowledge; or
(ii) Other conditions of which the vendor has no actual knowledge.
(2) A vendor is not liable for an error, inaccuracy, or omission in a
disclosure statement made under this section if the error, inaccuracy, or omission was
based upon information that was:
(i) Not within the actual knowledge of the vendor;
(ii) Provided to the vendor by a unit or instrumentality of the State
government or of a political subdivision; or
(iii) Provided to the vendor by a report or opinion prepared by a
licensed engineer, land surveyor, geologist, wood-destroying insect control expert,
contractor, or other home inspection expert, dealing with matters within the scope of
the professional's license or expertise.
[(i)] (J) (1) A report or opinion prepared by an expert shall satisfy the
requirement of subsection [(h)(2)(iii)] (I)(2)(III) of this section if the information is
provided to the vendor pursuant to a written or oral request for the information.
(2) In responding to a request for information, the reporting party:
(i) May indicate, in writing, an understanding that the information
provided will be used in fulfilling the requirements of this section; and
(ii) If so indicating, shall indicate the required disclosures, or parts
of required disclosures, to which the information being provided is applicable.
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