The Maryland residential real estate purchase agreement (“residential purchase and sale agreement”) is a contract that outlines the price, terms, rights, and obligations of both the buyer and seller during a residential real estate transaction. Once the agreement has been signed, it may not be terminated unless both parties agree.
Required Seller Disclosures in Maryland
Residential real estate purchase agreements commonly contain promises and provisions guaranteeing a property’s condition. Many states legally require sellers to disclose explicit information concerning a property’s condition. In states where this is required and a seller willfully hides such information, they can be sued for fraud.
In Maryland, sellers are required to complete a real estate purchase agreement and the following disclosure in order for it to be considered legally binding:
Residential Property Disclosure and Disclaimer Form. State law requires that the seller of a residential property disclose the property’s condition and any defects to the buyer. The seller must provide the disclosure form before the purchaser has executed the purchase agreement. (§ 10-702)