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Maryland Residential Purchase Agreement

A Maryland residential purchase agreement is a contract that binds a buyer and a seller for the sale and transfer of real estate. It outlines the specific terms and conditions of the agreement and sets a deadline for when the offer expires.
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State Laws

Seller Duties – The seller must disclose any “latent” or material defects about the property that would not be apparent to the buyer or would pose a direct threat to the health and safety of the buyer or any other occupant.[1]

However, the seller is not required to disclose any information about whether the property was the site of a death or felony, or whether a previous owner or occupant was diagnosed with immunodeficiency syndrome.[2]

Disclosure Exemptions – The seller is not required to provide a property disclosure statement if:[3]

  1. The property is a single-family home that has never been occupied or sold;
  2. The certificate of occupancy was issued within one year of the purchase contract;
  3. The property is exempt from transfer tax;
  4. The seller is a lender who acquired the property by foreclosure or deed in loieu of foreclosure;
  5. The sale is a sheriff’s sale, tax sale, or sale by foreclosure, partition, or by a court-appointed trustee;
  6. The seller is a trustee who is selling as part of the decedent’s estate, guardianship, conservatorship, or trust; or
  7. The property will be converted by the buyer for non-residential use.

Seller’s Disclosures (3)

Residential Property Disclosure and Disclaimer Statement (required) – State law requires that the seller of a residential property disclose the property’s condition and defects (if any) to the buyer before a purchase agreement is executed. The buyer then has five days to legally rescind the offer.[4]

Download: PDF

Lead-Based Paint Disclosure (conditional) – In accordance with federal law, if a residential property was built before 1978, purchasers must be given information about the application of lead-based paint on the property.[5]

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Lead-Based Paint Pamphlet (conditional) – Gives general information about lead-based paint for properties built before 1978.[6]

Download: PDF

Sample

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