A Maryland property disclosure statement is completed by a seller to convey the condition and latent defects of a residential property to a buyer. A latent defect is defined as a material defect that is not immediately obvious and may potentially jeopardize the well-being and safety of the home’s occupants. This includes defects and details relating to the home’s systems, components, general structure, and whether the property has been subject to infestations or dangerous matter such as radon gas, asbestos, methamphetamine traces, or other harmful materials.
By signing the disclosure statement, the purchaser acknowledges that the information disclosed is to the best of the seller’s actual knowledge and that the property is being sold as-is with no warranty from the seller or obligation to remedy any defects reported in the statement.
Laws – § 10-702
Purchase Agreement – A purchase agreement document is required in real estate transactions to legally transfer ownership of a home from the seller to the new proprietor.