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Sellers & Buyers ~ Understanding the Disclosure and Disclaimer Statement
Sellers & Buyers ~ Understanding the Disclosure and Disclaimer Statement in MarylandOne part of the process of selling property in Maryland is the disclosure/disclaimer statement. The State of Maryland requires the owner of residential real property (real estate) to make eitherDisclosure or Disclaimer statement in writing regarding the condition of the property. Disclose simply meaning to tell all the owner knows or disclaim saying nothing at all. In either case latent defectsmust be disclosed. A latent defects are defined as material defects in real property or improvement to real property that cannot be seen by careful visual inspection or would pose a threat to the health or safety of the buyer, occupants, tenant or guest of the buyer. For example: in an older home, a hole in the original ceiling, caused by a small hole in the roof, covered by a drop ceiling. There are exceptions to the disclosure/disclaimer statement law a few examples are; new builds, foreclosure or bank owned property. The choice, to disclose or disclaim is up to the property owner/seller. Property owners/sellers should seek competent legal advice (from a real estate attorney) if they do not understand or want additional guidance making this choice. Neither choice is ... more
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