WILLIAM DONALD SCHAEFER, Governor                           S.B. 707

(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 OF EXPERTISE.

(2) WHEN REQUESTED BY THE VENDOR TO PROVIDE INFORMATION
FOR INCLUSION IN A STATEMENT UNDER THIS SECTION, THE REPORTING PARTY
MAY INDICATE, IN WRITING, AN UNDERSTANDING THAT THE INFORMATION
PROVIDED WILL BE USED IN FULFILLING THE REQUIREMENTS OF THIS SECTION.
THE REPORTING PARTY SHALL INDICATE THE REQUIRED DISCLOSURES, OR
PORTIONS OF THE DISCLOSURES, TO WHICH THE INFORMATION BEING FURNISHED
IS APPLICABLE. WHEN SUCH A STATEMENT IS FURNISHED, THE REPORTING PARTY IS
NOT RESPONSIBLE FOR ANY ITEMS OF INFORMATION, OR PORTIONS OF ANY ITEM
OF INFORMATION, OTHER THAN THOSE EXPRESSLY SET FORTH IN THE STATEMENT.

(I) (1) THE RIGHTS OF A PURCHASER UNDER THIS SECTION MAY NOT BE
WAIVED IN THE CONTRACT FOR SALE AND ANY ATTEMPTED WAIVER IS VOID.

(2) ANY RIGHTS OF THE PURCHASER TO TERMINATE THE CONTRACT
PROVIDED BY THIS CHAPTER ARE WAIVED CONCLUSIVELY IF NOT EXERCISED
PRIOR TO CLOSING OR OCCUPANCY BY THE PURCHASER, WHICHEVER OCCURS
FIRST, IN THE EVENT OF A SALE, OR OCCUPANCY IN THE EVENT OF A LEASE WITH
OPTION TO PURCHASE.

(J) A CONTRACT FOR SALE SHALL INCLUDE A CONSPICUOUS NOTICE
ADVISING THE PURCHASER OF THE PURCHASER'S RIGHTS AS SET FORTH IN THIS

SECTION.

(K) THE PROVISIONS OF THIS SECTION DO NOT APPLY TO:

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

(2) EXCEPT FOR LAND INSTALLMENT CONTRACTS UNDER § 13-207(11) OF
THE TAX PROPERTY ARTICLE, A TRANSFER THAT IS EXEMPT FROM THE TRANSFER
TAX UNDER § 13-207 OF THE TAX - PROPERTY ARTICLE;

(3)      SALES BY LENDERS ACQUIRING THE REAL PROPERTY BY
FORECLOSURE OR DEED INSTEAD OF FORECLOSURE;

(4)      TRANSFERS BY A FIDUCIARY IN THE COURSE OF THE
ADMINISTRATION OF A DECEDENT'S ESTATE, GUARDIANSHIP, CONSERVATORSHIP,
OR TRUST; OR

(5) TRANSFERS OF SINGLE FAMILY REAL PROPERTY TO BE CONVERTED
BY THE BUYER TO A USE OTHER THAN RESIDENTIAL USE OR WHERE THE
PROPERTY IS TO BE DEMOLISHED.

(L) (1) A REAL ESTATE LICENSEE REPRESENTING AN OWNER OF
RESIDENTIAL REAL PROPERTY AS THE LISTING BROKER HAS A DUTY TO INFORM
EACH OWNER REPRESENTED BY THE LICENSEE OF THE OWNER'S RIGHTS AND
OBLIGATIONS UNDER THIS SECTION.

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