WILLIAM DONALD SCHAEFER, Governor                           S.B. 707

(A) (1) IN THIS SECTION THE FOLLOWING TERMS HAVE THE MEANINGS
INDICATED.

(2) "COMMISSION" MEANS THE STATE REAL ESTATE COMMISSION.

(3) (I) "DISCLAIMER STATEMENT" MEANS THE RESIDENTIAL

PROPERTY DISCLAIMER STATEMENT.

(II) THE DISCLAIMER STATEMENT SHALL BE PRESCRIBED BY THE
COMMISSION AND SHALL STATE THAT THE VENDOR MAKES NO WARRANTIES,
EXPRESS OR IMPLIED, CONCERNING THE CONDITION OF THE PROPERTY OR
IMPROVEMENTS THEREON, AND THAT THE PURCHASER TAKES THE PROPERTY "AS
IS", WITH ANY DEFECTS THAT MAY EXIST, EXCEPT AS OTHERWISE PROVIDED IN THE
CONTRACT FOR SALE OF THE PROPERTY.

(4) (I) "DISCLOSURE STATEMENT" MEANS THE RESIDENTIAL

PROPERTY DISCLOSURE STATEMENT.

(II) THE DISCLOSURE STATEMENT SHALL BE PRESCRIBED BY THE
COMMISSION AND SHALL CONTAIN:

1. INFORMATION CONCERNING THE PHYSICAL CONDITION
OF THE PROPERTY, INCLUDING THE STRUCTURAL CONDITION, UTILITIES, AND

APPLIANCE SYSTEMS;

2. PROVISIONS FOR LISTING DEFECTS OR OTHER FACTS OF
WHICH THE OWNER HAS ACTUAL KNOWLEDGE;

3. A NOTICE THAT THE VENDOR AND PURCHASER EACH
MAY WISH TO OBTAIN PROFESSIONAL ADVICE OR AN INSPECTION OF THE
PROPERTY; AND

4. A NOTICE TO THE PURCHASER THAT THE INFORMATION
CONTAINED IN THE DISCLOSURE STATEMENT MAY NOT BE CONSTRUED TO BE A
REPRESENTATION OF ANY REAL ESTATE LICENSEE INVOLVED IN THE SALE.

(B) A VENDOR IS NOT REQUIRED TO UNDERTAKE OR PROVIDE AN
INDEPENDENT INVESTIGATION OR INSPECTION OF THE PROPERTY IN ORDER TO
MAKE A DISCLOSURE REQUIRED UNDER THIS SECTION.

(C) (1) A VENDOR OF SINGLE FAMILY RESIDENTIAL PROPERTY SHALL
DELIVER TO EACH PURCHASER, A DISCLAIMER STATEMENT OR A DISCLOSURE
STATEMENT, AS PROVIDED IN THIS SECTION.

(2) EXCEPT AS PROVIDED IN SUBSECTION (D) OF THIS SECTION, THE
COMPLETED DISCLAIMER STATEMENT OR DISCLOSURE STATEMENT REQUIRED
UNDER THIS SECTION SHALL BE DELIVERED TO THE PURCHASER:

(I) ON OR BEFORE ENTERING INTO THE CONTRACT FOR SALE BY
THE VENDOR AND THE PURCHASER; OR

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