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ROBERT L. EHRLICH, JR., Governor
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Ch. 135
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(3) If the reporting party provides the statement under paragraph (2)(ii)
of this subsection, the reporting party is not responsible for any items of information,
or parts of items, other than those expressly set forth in the statement.
[(j)] (K) (1) The rights of a purchaser under this section may not be waived
in the contract of sale and any attempted waiver is void.
(2) Any rights of the purchaser to terminate the contract provided by this
section are waived conclusively if not exercised before:
(i) Closing or occupancy by the purchaser, whichever occurs first,
in the event of a sale; or
(ii) Occupancy, in the event of a lease with option to purchase.
[(k)] (L) Each contract of sale shall include a conspicuous notice advising the
purchaser of the purchaser's rights as set forth in this section.
[(1)] (M) (1) The real estate licensee representing a vendor of residential
real property as the listing broker has a duty to inform the vendor of the vendor's
rights and obligations under this section.
(2) The real estate licensee representing a purchaser of residential real
property, or, if the purchaser is not represented by a licensee, the real estate licensee
representing an owner of residential real estate and dealing with the purchaser, has
a duty to inform the purchaser of the purchaser's rights and obligations under this
section.
(3) If a real estate licensee performs the duties specified in this
subsection, the licensee:
(i) Shall have no further duties under this section to the parties to
a residential real estate transaction; and
(ii) Is not liable to any party to a residential real estate transaction
for a violation of this section.
SECTION 2. AND BE IT FURTHER ENACTED, That, when the State Real
Estate Commission revises the standardized residential property condition disclosure
and disclaimer statement form to reflect the provisions of this Act, the Commission
shall include a definition or explanation of the term "latent defects".
SECTION 2. 3. AND BE IT FURTHER ENACTED, That this Act shall take
effect October 1, 2005.
Approved April 26, 2005.
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- 947 -
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