WILLIAM DONALD SCHAEFER, Governor

Ch. 640

CHAPTER 640
(House Bill 1210)

AN ACT concerning

Real Property - Transfers - Disclosure of Condition of Property

FOR the purpose of requiring a vendor of certain real property to deliver to a purchaser
a certain disclosure statement or disclaimer statement; requiring the State Real
Estate Commission, by regulation, to develop a form for the disclosure statement
that provides certain information; requiring delivery of the disclosure statement by
a certain time; providing that a purchaser has a right to rescind a contract of sale of
real property under certain circumstances; providing that a purchaser has a right to
rescind a contract of sale of real property under certain circumstances; providing that the
purchaser's right to rescind terminates under certain circumstances; providing for
liability for certain errors, inaccuracies, or omissions in the disclosure statement;
providing that a purchaser may not waive any rights under this Act; requiring
certain duties by real estate licensees; providing for a delayed effective date; and
generally relating to the disclosure by the vendor of real property of the condition of
the property that is the subject of the sale.

BY adding to

Article - Real Property

Section 10-702                                                     

Annotated Code of Maryland

(1988 Replacement Volume and 1992 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) THIS SECTION DOES NOT APPLY TO:

(1)      THE INITIAL SALE OF SINGLE FAMILY RESIDENTIAL REAL
PROPERTY;

(2)      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(11) OF THE TAX - PROPERTY ARTICLE AND OPTIONS TO
PURCHASE REAL PROPERTY UNDER § 13-207(12) OF THE TAX - PROPERTY ARTICLE;

(3) A SALE BY A LENDER ACQUIRING THE REAL PROPERTY BY
FORECLOSURE OR DEED IN LIEU OF FORECLOSURE;

(3) A SALE BY A LENDER ACQUIRING THE REAL PROPERTY BY
FORECLOSURE OR DEED IN LIEU OF FORECLOSURE;

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