Maryland Residential Property Disclosure and Disclaimer Statement - Maryland

Maryland Residential Property Disclosure and Disclaimer Statement is a legal document that was released by the Maryland Department of Labor - a government authority operating within Maryland.

FAQ

Q: What is the Maryland Residential Property Disclosure and Disclaimer Statement?A: The Maryland Residential Property Disclosure and Disclaimer Statement is a document that sellers of residential properties in Maryland must provide to buyers.

Q: What does the disclosure statement include?A: The disclosure statement includes information about the condition of the property, including any known defects or issues.

Q: Who is responsible for completing the disclosure statement?A: The seller is responsible for completing the disclosure statement and providing it to the buyer.

Q: What happens if the seller fails to provide the disclosure statement?A: If the seller fails to provide the disclosure statement, the buyer may have legal remedies available, such as the right to terminate the contract.

Q: Are there any exemptions to the disclosure requirement?A: Yes, certain types of properties, such as newly constructed homes and properties sold in foreclosure, may be exempt from the disclosure requirement.

Q: Can the buyer rely solely on the disclosure statement?A: No, the buyer is encouraged to conduct their own inspections and due diligence to assess the condition of the property.

Q: What should the buyer do if they discover undisclosed defects after purchasing the property?A: If the buyer discovers undisclosed defects after purchasing the property, they may have legal recourse against the seller for compensation.