Updated May 20, 2022
A Maryland residential real estate purchase and sale agreement is a contract binding the parties in the purchase or sale of real estate. The agreement will outline the specific terms of the sale and set a deadline on which the offer expires. On the form, the purchaser will need to provide information on how they will be able to finance the purchase of the property, including any bank loans and the sale of other property if applicable. If the buyer and seller agree to the offer, both parties will sign the contract, thus making the document legally binding.
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Required Disclosures
Lead-Based Paint Disclosure – 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.
Residential Property Disclosure and Disclaimer Form (§ 10-702) – State law requires that the seller of a residential property disclose the property’s condition and defects (if any) to the purchaser. The seller must provide the disclosure form before the purchaser has executed the purchase agreement.
Commercial Property
Commercial Purchase Agreement – Use as a formal agreement to purchase or sell commercial property.
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