When you think about your required disclosures in Maryland, just remember the two L’s — Latent Defects and Lead Paint! If your house was built in or after 1978, you only have to worry about latent defects. When you sell a home in Maryland, state law gives you two options for disclosing the defects in your home. The first option is to fill out a three-page questionnaire indicating your knowledge of each and every part of the property — from the foundation all the way up to the roof, and everything in-between, including the electrical, plumbing, HVAC, etc.
The second option is to “disclaim.” When you disclaim, you are telling all prospective purchasers that you are making no representations or warranties as to the condition of the property or its improvements, and the purchaser will be receiving the house “as is.” However, even if you “disclaim,” you are still required to disclose “latent defects,” which are defects in the property that would not be readily apparent to the purchaser and harmful to life, health or safety. The Maryland Disclosure/Disclaimer form can be found here.
The federal lead paint disclosures are relatively simple, but not to be forgotten when you are selling a home built before 1978. The forms, which are governed by federal law, generally require that the seller indicate whether they have any knowledge as to lead based paint in the home, and to give the buyer any records pertaining to lead paint in the home. There are additional lead paint requirements that pertain to residential landlords in Maryland.
While this is obviously not an exhaustive list of required disclosures, these are definitely two of the most important. Call us with any questions.