What does a seller have to disclose in Maryland?
Choosing the Disclaimer Option Section 10-702 of Maryland’s Real Property Article states that a seller must disclose the latent defects in their property to the buyer. Latent defects, in this context, refer to the kind of defects that the buyer might not be able to spot during an inspection.
Do you have to disclose a death in a house in MD?
No. Under Maryland law, neither a real estate licensee nor an owner of real property is required to disclose to a prospective purchaser or tenant that a homicide, suicide, natural death or felony occurred on the property. This law, of course, applies only to real property located in Maryland.
What is the Maryland residential property disclosure and disclaimer statement?
The relevant portion of the real property section of Maryland’s Code, Md. Code § 10-702, requires sellers of residential real estate to complete a form—known as the Residential Property Disclosure and Disclaimer Statement—setting forth conditions and defects with the property.
Do you have to disclose mold when selling a house in Maryland?
Under Maryland state law, when you sell a home, you’re required to offer up any information you have in regards to latent damage. Latent damage refers to any issues that may not be obvious to the buyer, or have been a problem in the past. One such issue, and a major one at that, is the presence of mold.
Can you sell a house with defects?
While sellers don’t have to disclose physical defects, a buyer may be able to claim damages under the ‘tort of deceit’ if the seller has deliberately concealed a known physical defect.
Can you sell a house as is in Maryland?
You can sell a house “as is” without having an inspection, though by doing so, you will very likely limit interested buyers. Investors especially may be willing to take on your property (at a low cost) without completing a full inspection.
What do I need to declare when selling my house?
What must you declare when selling a property? Major problems found in previous surveys (e.g. subsidence, problems with the roof etc.) Crime rates in the area (e.g. neighbourhood burglaries, murders etc.) Location of the house (e.g. is it near a flight path or near a motorway?)
Can you sue if house sale falls through?
If the buyer pulls out of the sale after contracts were exchanged, you can sue them for any loss this causes you and you may be able to keep the deposit. You will need to get legal advice.
How do I avoid capital gains tax in Maryland?
How to avoid it: Note that as a homeowner, if you have lived in this property for two out of the past five years, you can be exempt from capital gains tax on up to $500,000 of gains for married couples or $250,000 for an individual.