WILLIAM DONALD SCHAEFER, Governor                           SB. 707

(1) THE VENDOR MAKES NO REPRESENTATIONS OR WARRANTIES AS TO
THE CONDITION OF THE REAL PROPERTY OR ANY IMPROVEMENTS ON THE REAL
PROPERTY; AND

(2) THE PURCHASER WILL BE RECEIVING THE REAL PROPERTY "AS IS",
WITH ALL DEFECTS THAT MAY EXIST, EXCEPT AS OTHERWISE PROVIDED IN THE
CONTRACT OF SALE OF REAL PROPERTY.

(D) (1) THE RESIDENTIAL PROPERTY DISCLOSURE STATEMENT SHALL
DISCLOSE THOSE ITEMS THAT, TO CARRY OUT THE PROVISIONS OF THIS SECTION, THE
STATE REAL ESTATE COMMISSION REQUIRES TO BE DISCLOSED ABOUT THE PHYSICAL
CONDITION OF THE PROPERTY.

(2) THE DISCLOSURE FORM SHALL INCLUDE A LIST OF DEFECTS OR
INFORMATION OF WHICH THE VENDOR HAS ACTUAL KNOWLEDGE IN RELATION TO THE
FOLLOWING:

(I) WATER AND SEWER SYSTEMS, INCLUDING THE SOURCE OF
HOUSEHOLD WATER, WATER TREATMENT SYSTEMS, AND SPRINKLER SYSTEMS;

(II)     INSULATION;

(III)    STRUCTURAL SYSTEMS, INCLUDING THE ROOF, WALLS', FLOORS,
FOUNDATION, AND ANY BASEMENT;

(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
LANDFILLS; 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.

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