Under Maryland law, when a seller of residential property chooses to provide a Disclaimer Statement rather than a Disclosure Statement, what is the legal effect of this choice?
Correct Answer
C) The property is sold as-is, and the seller makes no representations about its condition
Under Md. Code Ann., Real Prop. § 10-702, when a seller elects to use a Disclaimer Statement, the seller is indicating that the property is being sold in its existing condition (as-is) and the seller is making no representations or warranties about the property's condition. This is the legal effect of choosing the disclaimer option over the full disclosure statement.
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Related Topics & Key Terms
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Related Concepts
Environmental hazards disclosure involves informing buyers about environmental contamination or hazards affecting or potentially affecting a property, including underground storage tanks, contaminated soil, hazardous waste, and proximity to Superfund sites.
Flood zone disclosure requires informing buyers whether a property is located in a designated flood zone as mapped by FEMA. Properties in high-risk flood zones may require mandatory flood insurance.
HOA disclosure requires informing buyers about the existence, rules, fees, financial health, and restrictions of a homeowners association governing the property. This information helps buyers understand their obligations before purchase.
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