WILLIAM DONALD SCHAEFER, Governor                            Ch. 640

(IV)    PLUMBING, ELECTRICAL, HEATING, AND AIR CONDITIONING
SYSTEMS;

(V)     INFESTATION OF WOOD-DESTROYING INSECTS;

(VI)    LAND USE MATTERS;

(VII)  HAZARDOUS OR REGULATED MATERIALS, INCLUDING
ASBESTOS, LEAD-BASED PAINT, RADON, UNDERGROUND STORAGE TANKS, AND
LICENSED LAND FILLS; AND

(VIII)ANY OTHER MATERIAL DEFECTS KNOWN TO THE VENDOR.

(3)      THE DISCLOSURE FORM SHALL CONTAIN:

(I)       A NOTICE TO PROSPECTIVE PURCHASERS AND VENDORS THAT
THE PROSPECTIVE PURCHASER OR VENDOR MAY WISH TO OBTAIN PROFESSIONAL
ADVICE ABOUT OR AN INSPECTION OF THE PROPERTY; AND

(II)     A NOTICE TO PURCHASERS THAT THE INFORMATION
CONTAINED IN THE DISCLOSURE STATEMENT IS THE REPRESENTATION OF THE
VENDOR AND IS NOT THE REPRESENTATION OF THE REAL ESTATE BROKER OR
SALESPERSON, IF ANY.

(4)      THE VENDOR IS NOT REQUIRED TO UNDERTAKE OR PROVIDE AN
INDEPENDENT INVESTIGATION OR INSPECTION OF THE PROPERTY IN ORDER TO
MAKE THE DISCLOSURES REQUIRED BY THIS SECTION.

(E) (1) EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS SUBSECTION, THE
VENDOR SHALL DELIVER THE COMPLETED DISCLOSURE OR DISCLAIMER
STATEMENT REQUIRED BY THIS SECTION TO THE PURCHASER ON OR BEFORE
ENTERING INTO A CONTRACT OF SALE BY THE VENDOR AND THE PURCHASER.

(2)      THE DISCLOSURE OR DISCLAIMER STATEMENT SHALL BE
DELIVERED TO EACH PURCHASER BEFORE THE EXECUTION OF THE CONTRACT OF
SALE BY THE PURCHASER IN THE CASE OF:

(I)       A LAND INSTALLMENT CONTRACT, AS DEFINED IN § 10-101 OF
THIS TITLE;

(II)     AN OPTION TO PURCHASE AGREEMENT; AND

(III)    A LEASE AGREEMENT CONTAINING AN OPTION TO PURCHASE
PROVISION.

(3)      AT THE TIME THE DISCLOSURE OR DISCLAIMER STATEMENT IS
DELIVERED, EACH PURCHASER SHALL DATE AND SIGN A WRITTEN
ACKNOWLEDGMENT OF RECEIPT, WHICH SHALL BE INCLUDED IN OR ATTACHED TO
THE CONTRACT OF SALE.

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