Silver Spring, MD Home Seller FAQ Do I have to fill out the Property Disclosure? According to the Real Property Article of the Annotated Code of Maryland sellers are required to deliver a Property Disclosure/Disclaimer Statement to each potential buyer on or before entering into a sales contract.
Home sellers have to do one or the other, either fill out the property disclosure or sign the disclaimer. Regardless of which option is chosen, sellers have to disclose any latent defects. Latent defects are any material defects that are not obvious to a buyer during a visual inspection of the property and/or defects that could present a threat to one's health or could be found unsafe.
By signing "just" a property disclaimer statement the seller makes no representation as to the condition of the property. This does appear to be the easier route sometimes, however, when you put yourself in the buyer's shoes, wouldn't you want to know as much as possible about the property you are interested in buying?
The disclosure statement provides much more detailed information but only as much as the seller has actual knowledge of. It addresses things like the age and type of property systems, type, age & condition of roof, whether or not heat is supplied to all finished rooms, has there ever been any termite damage, are there any known structural problems, is there insulation in the attic ...
Unless the sale is an estate, foreclosure, unimproved land, sheriff sale or new construction that has not been previously occupied, Silver Spring, MD home sellers are required to provide buyers with the Property Disclosure/Disclaimer Statement. The seller does not have to fill out the disclosure and can opt to sign the disclaimer instead.
However, when buying a Silver Spring, MD home wouldn't you want to know as much as possible about the home you are going to buy?
Silver Spring, MD Home Seller FAQ: Do I have to fill out the Property Disclosure?
*Blog post intended for informational purposes only. Consult an attorney if you are in need of legal advice*
Home sellers have to do one or the other, either fill out the property disclosure or sign the disclaimer. Regardless of which option is chosen, sellers have to disclose any latent defects. Latent defects are any material defects that are not obvious to a buyer during a visual inspection of the property and/or defects that could present a threat to one's health or could be found unsafe.
By signing "just" a property disclaimer statement the seller makes no representation as to the condition of the property. This does appear to be the easier route sometimes, however, when you put yourself in the buyer's shoes, wouldn't you want to know as much as possible about the property you are interested in buying?
The disclosure statement provides much more detailed information but only as much as the seller has actual knowledge of. It addresses things like the age and type of property systems, type, age & condition of roof, whether or not heat is supplied to all finished rooms, has there ever been any termite damage, are there any known structural problems, is there insulation in the attic ...
Unless the sale is an estate, foreclosure, unimproved land, sheriff sale or new construction that has not been previously occupied, Silver Spring, MD home sellers are required to provide buyers with the Property Disclosure/Disclaimer Statement. The seller does not have to fill out the disclosure and can opt to sign the disclaimer instead.
However, when buying a Silver Spring, MD home wouldn't you want to know as much as possible about the home you are going to buy?
Silver Spring, MD Home Seller FAQ: Do I have to fill out the Property Disclosure?
*Blog post intended for informational purposes only. Consult an attorney if you are in need of legal advice*