Ch. 384

1995 LAWS OF MARYLAND

(i) To rescind the contract of sale at any time before the receipt of the
disclosure OR DISCLAIMER statement or within 5 days following receipt of the disclosure
OR DISCLAIMER statement; and

(ii) To the immediate return of any deposits made on account of the
contract.

[(3)] (2) A purchaser's right to rescind the contract of sale under this
subsection terminates if not exercised before:

(I)      BEFORE making a written application to a lender for a mortgage
loan, if the lender discloses in writing at or before the time application is made that the
right to rescind terminates on submission of the application; OR

(II)     WITHIN 5 DAYS FOLLOWING RECEIPT OF A WRITTEN
DISCLOSURE FROM A LENDER WHO HAS RECEIVED THE PURCHASER'S APPLICATION
FOR A MORTGAGE LOAN, IF THE LENDER'S DISCLOSURE STATES THAT THE
PURCHASER'S RIGHT TO RESCIND TERMINATES AT THE END OF THAT 5-DAY
PERIOD.

(h) (1) A DISCLOSURE STATEMENT MADE UNDER THIS SECTION DOES NOT
CONSTITUTE A WARRANTY, EXPRESS OR IMPLIED, BY THE VENDOR AS TO THE
CONDITION OF THE REAL PROPERTY OR IMPROVEMENTS OR THAT THE REAL
PROPERTY OR IMPROVEMENTS ARE FIT FOR ANY PARTICULAR INTENDED USE OR
PURPOSE A DISCLOSURE STATEMENT MADE UNDER THIS SECTION DOES NOT
CONSTITUTE A WARRANTY BY THE VENDOR AS TO:

(I) THE CONDITION OF THE PROPERTY OR AS TO OF WHICH THE
VENDOR HAS NO ACTUAL KNOWLEDGE; OR

(II) OTHER CONDITIONS OF WHICH THE VENDOR HAS NO ACTUAL
KNOWLEDGE.

(2) A vendor is not liable for an error, inaccuracy, or omission in a
disclosure statement made under this section if the error, inaccuracy, or omission was
based upon information that was:

[(1)](I) Not within the actual knowledge of the vendor;

[(2)] (II) Provided to the vendor by a unit or instrumentality of the State
government or of a political subdivision; or

[(3)] (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 or expertise.

(i) (1) A report or opinion prepared by an expert shall satisfy the requirement
of subsection [(h)(3)] (H)(2)(III) of this section if the information is provided to the
vendor pursuant to a written or oral request for the information.

(2) In responding to a request for information, the reporting party:

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