VETOES

(2) A 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 EACH PURCHASER OF THE PURCHASER'S RIGHTS AND OBLIGATIONS
UNDER THIS SECTION.

(3) IF A REAL ESTATE LICENSEE PERFORMS THE DUTIES UNDER THIS
SUBSECTION, THE LICENSEE SHALL HAVE NO FURTHER DUTIES TO THE PARTIES TO
A RESIDENTIAL REAL ESTATE TRANSACTION UNDER THIS SECTION, AND SHALL NOT
BE LIABLE TO ANY PARTY TO A RESIDENTIAL REAL ESTATE TRANSACTION FOR A
VIOLATION OF THIS SECTION OR FOR ANY FAILURE TO DISCLOSE ANY
INFORMATION REGARDING ANY REAL PROPERTY SUBJECT TO THIS SECTION.

(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;

(4) A SHERIFF'S SALE, TAX SALE, OR SALE BY FORECLOSURE, PARTITION
OR BY COURT APPOINTED TRUSTEE:

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

(6) A TRANSFER OF SINGLE-FAMILY RESIDENTIAL REAL PROPERTY TO BE
CONVERTED BY THE BUYER INTO A USE OTHER THAN RESIDENTIAL USE OR TO BE
DEMOLISHED.

(B) (1) A VENDOR OF SINGLE-FAMILY RESIDENTIAL REAL PROPERTY SHALL
COMPLETE AND DELIVER TO EACH PURCHASER:

(I) A WRITTEN RESIDENTIAL PROPERTY CONDITION DISCLOSURE
STATEMENT ON A FORM PROVIDED BY THE STATE REAL ESTATE COMMISSION; OR

(II) A WRITTEN RESIDENTIAL PROPERTY DISCLAIMER STATEMENT ON
A FORM PROVIDED BY THE STATE REAL ESTATE COMMISSION.

(2) THE STATE REAL ESTATE COMMISSION SHALL DEVELOP THE
RESIDENTIAL PROPERTY CONDITION DISCLOSURE STATEMENT REQUIRED BY THIS
SUBSECTION BY REGULATION.

(C) THE RESIDENTIAL PROPERTY DISCLAIMER STATEMENT SHALL STATE THAT:

- 3380 -

S.B. 707