Lauren Bunting Broker MD & DE

Md. Contracts of Sales Includes Addendums

Monday, February 24, 2020, Lauren Bunting

Part of each residential contract of sale in Maryland is an addendum from Section 10-702 of the Real Property Article of the Annotated Code of Maryland (“Section 10-702”). This code requires that a seller of a single family residential property deliver to each buyer, on or before entering into a contract of sale, on a form published and prepared by the Maryland Real Estate Commission, EITHER:

1) A written property condition disclosure statement listing all defects including latent defects, or information of which the seller has actual knowledge related to the following: Water and sewer systems, water treatment systems, and sprinkler systems; Insulation; structural systems, including the roof, walls, floors, foundation and any basement; plumbing, electrical, heating, and air conditioning systems; Infestation of wood-destroying insects; Land use matters; Hazardous or regulated materials, including asbestos, lead-based paint, radon, underground storage tanks, and licensed landfills; any other material defects, including latent defects, of which the seller has actual knowledge; whether the required permits were obtained for any improvements made to the property; smoke alarms; and If the property relies on the combustion of a fossil fuel for heat, ventilation, hot water, or clothes dryer operation, whether a carbon monoxide alarm is installed on the property.

OR

2) A written disclaimer statement providing that: except for latent defects of which the seller has actual knowledge, the seller makes no representations or warranties as to the condition of the real property or any improvements on the real property; and the buyer will be receiving the real property “as is,” with all defects, including latent defects, that may exist, except as otherwise provided in the contract of sale of the property.

So what is a latent defect vs. a material fact? Latent defects are defined as material defects in real property or an improvement to real property that a buyer would not reasonably be expected to observe by a careful visual inspection of the property; and that would pose a direct threat to the health or safety of the buyer or an occupant of the buyer.

A material fact is defined as anything that would affect 1) the value of the property or 2) a buyer/tenant’s decision to purchase/lease the property or how much to offer to purchase or lease the property. A real estate licensee in Maryland is required to disclose material facts the licensee knew or should have known that relates to the property. Material facts need to be in writing and disclosed to buyers prior to the time a buyer submits an offer.

Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.

Go Back

Thank you so much for all of your hard work. We are so excited to move into the perfect house for us, and couldn't have done it without your guidance.

Megan and Brandon Cater

My friend was right, you are the hardest working realtor, bar none. I honestly don't think that I would have gotten through this house selling process without you.

Brenda Burbage

Lauren made first time homebuying extremely approachable, and took the time to educate me on everything involved in the process.

Amanda Hanke and Keri Swigert

Thank you for all of your hard work and dedication that made this purchase possible. You advocate for your clients and I highly regard you for it. You made it possible for me and my family to achieve our goal of homeownership.

Tom Harutyunyan

Thank you so much for the very wonderful, professional job you did with selling our property. You will always be special to me.

Penny Carley

We want to say a sincere "Thank You" for all you've done for us! We know at times the road seemed never ending. Thank you for always staying positive even through our ups and downs of this process. We appreciate all you do!

Mike and Patty Locke

Lauren's extensive knowledge of the local real estate market proved to be invaluable during the purchase of our first home.

Allison Shockley and Patrick Molloy

Lauren is very easy to work with. She has helped me sell and buy homes in the area and has always been hard working and professional.

Jennifer K. Leggour

Lauren went through tremendous lengths to look out for us every step of the way all the way to the very end. If you are in need of a real estate agent who will treat your transaction as if it were their own and provide you with nothing less than A+ service you will be in good hands with Lauren.

Shireen and Mark Ambush

We were referred to Lauren by a good friend, and we couldn’t have been placed in better hands. Lauren went above and beyond in every way, throughout the entire process.

Liz Young

Lauren Bunting was our realtor when we recently sold two homes- one in Maryland and the other one in Delaware. To say we were very satisfied with all she did for us is an understatement!

Janet and Bruce Lathbury

MLS Disclaimer


Top
Contact Me
Realtor logo   Equal Housing Opportunity logo