Understanding Whom Real Estate Agents Represent

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STATEOF MARYLAND
REAL ESTATECOMMISSIoN
Understanding
WhomRealEstateAgentsRepresent
At the Time of the First Scheduled Face to Face Gontact with You, the Real Estate Licensee
Who is Assisting You is Required by Law to Provide this Notice to You. This Notice is Not a
Contract or Agreement and Creates No Obligation on Your Part.
Belbrc you decideto sellor buy or rent a homeyou needto considerthc lbllowing information
In thisforn "seller"includes"landlord'l;,"buyer"includes"tenant";and "purchase"or "sale" includes"lease"
Agents Who Representthe Seller
Seller's Agent:_A.seller'sagentworks for the real eslatecompanythat lists and marketsthe propefiyfor the
sellers and exclusivelyrepresentsthe sellers. That means that the Seller's agent may assistfhe buyer in
purchasingtheproperty,but his or her duty of loyaltyis only to the sellers.
CooperatingAgent: A cooperatingagentworks for a real estatecompanydifferentfiom the conpanyfbr which
the seller'sagentworks.The cooperatingagentcanassista buyerin purchasinga property,but his or hel duty of
loyalty is only to the sellers.
Agents Who Representthe Buyer
PresumedBuyer's Agent (no written agreement):When a persongoesto a real estateagentlbr assislance
in
finding a home to purchase,the agent is presr.rnedto be representingthe buyer and can show the buyer
properliesfhat arc NOT listed by the agent'sreal estatecompany.A presumedbuyer'sagentmay nol makeor
preparea-noffer or negotialea salefor the buyer.The buyerdoesnol have an obligationto pay an)thingto the
presumed
agent
""t,"
i:-; i .::
If 1brany reasonthebuyerdoesnot want th€ agentto reprcsenthim or her asa presumedagenl,eilherinitiully or
at any time, the buyercandeclineor terminatea presumedagencyrelationshipsimply by sayingso.
Buyer's Agent (by written agreement):A buyermay enterinto a written contractwith a real estateagentwhich
providesthat the agentwill representthe buyel in locatinga propertyto buy, The agentis then known as the
buyer'sagent.That agentassiststhe buyer in evaluatingpropertiesand preparingoffers, and negotiatesin the
bestinterestsof the buyer.The agent'sfee is paid accordingto the \^]dttenagreementbetweenthe agentand the
buyer. If you as a buyer wish to have an agentreprosentyou, you must enter into a written buyer agency
agreementbeforea contractoffer canbe prepared.
DuaI Agents
The possibilityof dual agencyariseswhen the buyer'sagentand the seller'sagentboth work for the samereal
estatecompany,and the buyer is interestedin propertylisted by that company.The real estatebroker or the
broker'sdesignee,
is calledthe "dual agent."Dual agentsdo not act exclusivelyin the interestsof eithelthe seller
or buyer,a:rdthereforecannotgive undividedloyalty to eitherparty.Theremay be a conflict of interestbecause
the interestsof the seller and buyer may be different or adverse,
If both seller and buyer agree to .dual:agency.by signinga ConsentFor Dual Agency form, then the "dual
agent" (the broker or the broker's designee)will assign one agent to representthe seller (the sellcr's
"intra-companyagent") and another agent to representthe buyer (the buyer's "intra-cornpanyagent").
Intra-companyagentsmay provide the same servicesto their clients as exclusiveseller'sor buyer'sagents,
to
including advisingtheir clientsas to price and negotiationshategy,providedthe clientshaveboth consented
be represented
by dualagency.
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If eilher party doesnot agreeto dual agency,!he_real
estatecompanymustwirhdrawtheagencyagr.ccmcpr
for
thal particularpropertywith eitherthe buyeror seller,or both.If ihe seller'sagreement
is rdrminardd,
rheseller
must then,either.represent
him br herself or arange to be representedby ai agent liom eu.rother
real estate
company..If.the buyer'sagreementis terminated,tfie buyer miy
6
enter"
into
a
written
buyer
agency
_choose
an agenllrom a di fferentcompany,Alternativelyithebuyermay choosenor to be repiesentidby
1gr::mel!:viith
al agenloI nls or her own but simply to receiveassistance
from the seller'sagent,ftom anotherageurin thir
company,or from a coopemtingagentftom anothercompany.
No.matter what type of agenl you chooseto work with, you have the following rights and responsibilities
i1
seli]1rg
or Duylngproperfy:
>Real estateagentsare.obligatea
by.law to treatall partiesto a real estatetransactionhonestlyandfairly. They
must exercisereasonablecare and diligence and mainlain the confidentiality of clients. They must not
discriminatein.theoffering of propertiesftheymustpromplly presenteachwritti:n offer or counteiofferto the
oltrerpany;andtheymustanswerquestions
truthfully.
>Real estateagentsmust discloseall materialfactsthat they know or shouldknow relatingto a property.An
agent'sdutyto maintainconlidentialitydoesnot applyto the disclosureof materialfactsaboir a propeny.
>All agreements
with real estatebrokersand agentsshouldbe in writing and should expiainthe <jutiesand
obligationsof both the broker and the agent.Thi agreementshouldexpla'inhow the broki:r and agentwill be
paid andanyfee-sharing
agreements
with otherbrokersandagents.
>You.havethe responsibilityto protectyour own interests.You shouldcarefullyreadall agreements
to make
sure they accuratelyreflect your understanding.
A real estateagentis qualifieil to adviselou on real estate
matters only. If you need legal or tax advice, it is your responsibiliiyto consult a lic'ensedattomey or
accountant.
Any complaintsabouta real estateagentmay be filed with the Real EstateCommissionat 500 North Calvert
Strcct.Baltimore.
MD 21202.(410)2i0-6205
We, the I Seilers/LandlordE Buyem/Tenants
acknowledge
receiptofa copyofthis disclosur.e
and
that
Winning
Edqe
- ReaI
Estate
,JamesW, Bimseefer
and
golutionB
(firm name)
- Jim Bim
(salesperson)
areworkingas:
(You may chcckmorethan onebox but not more than two)
E
fl
fl
!
seller/landlord's
agent
co-operating
ageut(representing
saller/landlord)
buyer's/tenant'sagent
intra-company
agenVdual
agent(cHEcK Box oNLy rF coNsENT FoR DUAL AcRNcy FoRM IIAS B[,DNstcNED)
Signature
*
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t
*
*
*
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*,*
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r r .*
**
Date
rf *: ,k {. :* *
*
{<:t {4
I cal1ifi that on this dateI madethe requiredagencydiscLosure
to the individualsidentifiedbelow andthey were ulabte or unwillirg
to acknowledge
receiptofa copy ofthis disclosurestatement
Nameoflndividualto whomdisclosure
made
(Dare)
-,i ^34
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STAT.OOF MARYLAND
REAL ESTATECOMMISSION
ConsentFor DualAgency
(ln thisform,the word "seller"includes"landlord";"buyef includes"tenant";and "purchase"or ,'sale,,includes',lease,')
When Dual AgencyMay Occur
Thepossibility
ofDualAgency
arises.when:
1)
The buyeris interestedin a propedylistedby a real estatebroker;and
2)
The seller'sagentandthe br,ryer's
agentaxeaffiliatedwith the samereal estatebroker.
Important Considerations
BeforeMaking a DecisionAbout Dual Agency
A brokeractingas a dual agentdoesnot exclusivelyrepresenteitherthe seller or buyer;thele may be a conflict
of inlereslbecausethe interestsof the seller and buyer may be different or adverse.As a dual agent,the real
estatebrokerdoesnot owe undividedloyaltyto eitherthe selleror buyer.
Before the buyerand sellercanproceedto be represented
by a brokeractingas a dual agent,they mustbothsign
Consentfor Dual Agency.If the buyer haspreviouslysignedConsentfor Dual Agency, the buyermust affirm
the buyer'sconsentfor the purchaseof a pirtibular piopeity beforean offer to purchaseis presented
1othe seller'.
if the sellerhaspreviouslysignedConsentfor Dual Agency,the sellermust affirm the seller'sconsentfol the
sale of the propefiyto a particularbuyer beforeacceptingan offer to purchasethe property.The affirmation is
contained
on Page2 of thisform.
Your ChoicesConcerningDual Agency
In a possibledualagencysituation,the buyel andsellbrhavethe following options:
l.
Consentin writing to dual agency.If all partiesconsentin witing, the real estatebrokeror the brolcer's
designee(the "dual agent")will assignone real estateagentaffiliatedwith the broker to represenlthe seller
(the seller's"intra-companyagent")and anotheragentaffiliatedwith the broker to reprssentthe buyer(the
buyer's"intra'companyagent").Intra-companyagentsmay providethe sameservicesto their clientsas an
exclusiveseller'sor buyer'sagent,includingadvisingtheir clientsasto price andnegotiationstrategy,
2.
Refuseto consentto dual agency.If,either party refusesto consentin writing to dual agency,the real
estatebl-okermustterminatethe brokeragerelationshipfor that particularpropertywith the buyer,the selier,
or both. If the seller'sagreementis terminated,the sellermustthen eitherrepresenlhim or herselfor arrange
to be represented
by anotherrea.1estatecompany.If the buyer'sagreementis terminated,the buyer may
choosenot to be represented
from the seller's
by an agentof his or her own but simply to receiveassistance
agent
another
company.
agent, from another agent in that company, or from a cooperating
frorn
Alternatively,the buyer may chooseto enter into a rritten buyer agency agresmentwilh a different
com'an''
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Dutiesof a Dual Agent and Intra-CompanyAgent
Like other agents,unlessthe client gives consentto disclosethe information,dual agentsand intra-company
agontsmust keep confidentialinformation about a client's bargainingposition or motivations.For.example,
without written consentofthe client, a dual agentor intra-companyagentmay not discloseto the otherpafly, or
the other party'sagent:
1)
2)
3)
!
5)
Anythingtheclient asksto be kept confidential;*
Thatthe sellerwould accepta lower priceor othetterms,
Thatthe buyerwonld accepta higherprice or otherterms;
The reasonswhy a pa(y wantsto sell or buy, or that a pafy needsto sell or buy quickly; or
Anythingthatrelatesto the negotiatingstmtegyof a pafy.
* f)ual agentsand intra-company agents
must disclosematerial facts about a property to all parties,
How Dual AgentsAre Paid
Only the brokelreceivescompensation
on the saleofa propertylistedby that broker.
If a financialbonusis offeredto an agentwho sellspropertythat is listed with his/herbroker.,this fact mustbe
disclosedin witinq to both the
and seller.
Consentfor Dual Agency
I havelead the aboveiniormation,and i undersiand
ihe termsof the dual agency.I understandthat I do not have
to consentto a dual agencyand that if I refuse to consent,there will not be a dual agency;and that I may
withdrawthe consentat anytime upon noticeto the dualagent.I herebyconsentto have
actasa DualAgentfor rneasthe
(Firm Name)
Sellerin thesaleof theproperty
11i,
Buyerin thepurchase
of a properlylistedfor salewiththeabove-referenced
broker.
Date
Signature
AFFIRMATION OF PRIOR CONSENTTO DUAL AGENCY
. The undersigned
Buyer(s)herebyaffirm(s)consentto dual agencyfor the following property:
Property
Signature
'
Date
Date
Signature
The undersigned
Seller(s)herebyaffirm(s)consentto dual agencyfor the Buyer(s)identifiedbelow:
Signature
Date
si""rtr*
Date
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A.buver/tenant
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(i) -/
Knorvnlcacl-based
painlancl/or
lead-based
pailt hazards
areplescntin thehousinl(explain).
(iifW-
Scller'/Llndiof(l
has no knor.r,lcclgc
of lead-basecl
paintarrd/or'
lcad-basecl
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(i) -/
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(iiffi}'
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h a z l f d si r rt l r uh o r r s i u g .
Iluyer's/Tcuant'sAchnorvlcclgrn
cnt (in itiaJ)
(c) _/
(d) -
/
Buyer/Tcnant
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(i) _/
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or'
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of
(ii)_/
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o| irlspectionfor the prescncool'lead-based
and/ollead-basetl
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t ( i ni t i a l )
hasinl'olmed
the Seller,/Landlord
unclcr'
42 U.S.C.4852(d)
andis
of theSeller's/Landlord's
obligations
of his/hellesponsibil
ity to errsLrle
compliancc.
Ccltifi cation of Accuracy
,Ilre1.ollowingpaLtieslraverevievr,cd|lrein1.ot.nrationaboveanclcerti1.y,tothclrestot.their.kuowlcclge,|lal]0inlbI]]]at|o
the;,,lraveplovidedis
-).
na\J,r*-=
scllef vlandlgE\gs+:--=--:=*=.-'
Buyery'Tenant
Date
13uyer/Teuant
Datc
R , , v , r ' . / ' f e r r ,r' ) l ' s A ! , . : r l r
Datc
Darc
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MARYLANDRESIDENTIALPROPERTYDISCLOSURE
AND DISCLAIMI,R STATEMENT
Propel1y
Address:
LegalDescription:
NOTICE TO SELLERAND PURCHASER
Ssction l0-702 ofthe RealPi:opertyAtlicle, AnnotatedCodeof Maryland,reqires tlteowner of certainresidentialreal propeflyto
iuruish to the pulchasereither(a) a RESIDENTIAL PROPERTYDISCLAIMER STATEMENT statingthat th€ owneris se ing the
propefly "as is" andmakesno rcpreseltationsor warrantiesasto the conditionofthe propertyor any imptovementson the realpropedy,
exceptasorherwiseprovidedin the conf,actofsale, ol in a listing oflatent defects;or (b) a RESIDENTIAL pROpERTy DISCLOSURE
S'I'ATEMENT disclosingdefectsor otheri[formation aboutthe conditionoithe real prop€rtyactuallyknown by the owner. Ce]tain
transfen ofresidentialpropefiyare excludedfrom this requireDent(seethe exemptionslistedbelow).
L
2
3.
4.
5.
6.
7.
l0-702. EXEMPTIONS.The following arespecificallyexcludedfrom the provisionsof g l0-102:
Tho initjal saleofsingle family residentialreal property:
A. that hasnevef beenoccupied;or
B. for wltich a ceftificateofoccupancyhasbeenissuedwithin I yeal befole the sellerandbuyerenterir]toa
coffiact of sale;
A tramferthat is exemptfrom the transfertax under$I 3-207of the Tax-PropertyArticle, exceptland installmenr
contractsofsalesundet $13-207(a)(1 l) oftire Tax-PropertyArticie and optiors to purchasercal properlyunder$l3207(a)(12)of the Tax-PropertyAdiclej
A saleby a lenderor an affiliate or subsidiaryofa lenderthat acquiredthe real propefiyby foreclosureor deedin lieu of
foreclosure;
A sheriffs sale,tax sale,or saleby f,oreclosure,
patition, or by courtappointedtrustee;
A fansfer by a fiduciary irt the courseofthc administrationofa decedent'sestate,guardianship,conservatorship,
ol
IrusL;
A lransferofsingle family residentialreal propenyto be convefledby the buyer into Lrseotherthanresidentialuseor to
be demolished;
or
A saleofunimprovedrealprop€rty.
Sectionl0-702 alsorequiresthe ownerto discloseinforurationaboutlatentdefectsin the properfythat the owneLhasactualkDor,viedge
of.
The ownermustplovidethis informationeven ifselling the property"as is," "Latentdefects"are detinedas: Materialdefectsin real
propelty or an improvementto real propertyftat:
(l) A purchaserwould not reasonablybe expectedto ascertainor observeby a carefulvisual inspectionofthe realpropertyjand
(2) Would posea di|cct threatto the heaithor safotyof:
(i) the purchaser;
or
(ii) an occupaDt
ofthe rcal proporty,includinga tenantor inyiteeofthe purchas€r.
MAIIYLAND RESIDENTIAL PROPERTY DISCLOSURE ST,\TEMENT
NO'llCE TO OWNERSTCompleteand sign this statementonly ifyou electto disclosedefects,includinglatentdefects,or other
informationaboutthe conditionofthe propeftyactlally known by you; otherwise,signthe ResidentialPropertyDjsclaimcrStaternent.
You may wish to obtainprofessionaladviceor inspectionsofthe propelty;howev€r,you are not requiredto underlakeor piovideany
indcpendontinvestigationor inspectionofthe propertyin orderto makethe disclosureset forth below. The disclosureis basedon your
personalknowledgeofthe conditionof the propertyat the time ofthe signingofthis statement.
NOTICE'lO PURCHASERS:The informaiot proyidedis.thgrepresentatiotofthe Ownersand is baseduponthe actuall<nowiedge
of
Ownersasofthe datenoted.Disclosureby the Ownemis not a substitutefor an inspectionby an independent
horneinspectioncompany,
and you may wish to obtaiDsuchan inspeition.The i[formation containedin this statementis not a waffantyby theOwnersasto the
conditionofthe propeltyofwhich the Ownershaveno knowiedgeor otherconditiorlsofwhich the Owrers hav€no aclualknowledgo.
How long haveyou ownedthc propedy?
PropertySystern:Watcr,Selvage,
Heating& Air Conditiouing( Answerall that apply)
waterSupply
o Public
o Well
o Other
(# bedrooms)
Sewage
Disposal
o Public
o SepticSystem
approyed
for
Garbage
Disposal
o YeS
oNo
oNo
Dishwasher
o Yes
o Other
Heating
o oil o NaturalGas o Electric
o HeatPumpAge
o Other
Air Corlditionirg
o tleatPunpAge
o Oil o NaluralGas oElgctric
Hot Watcr
o Oil
o Natural Gas
oElectricCapacity
_
Age
o Other
Plcaseindicateyour actualknowledgewith respectto thefollowing:
l. Foundation:Any settlomentor otherproblems?
Comments:
oyes
2. Basement:
Any leaksor eviderceofmoisture? o yes o No
Comments:
3. Roof: Any leaksor evidence
ofmoisture?
o Unknown
o Unknown o DoesNot Apply
o yes
Type ofRoof:
Comnents:
Is thereanyexistiDg{lte retardantkeatedplywood?
Cornments:
oNo
o No
o Unknown
o y€s
o No
o No
o Unknown
5. Piumbingsystem;Is the systemin operatingcondition?
Comments:
o yes
o No
o Unj<rrown
6. HeatingSystems:Is heatsuppliedto all firished rooms?
Comments:
o yes
o No
o Unknown
Is thesystem
in operating
condition?
Comments:
o Yes
o No
o Unknowu
4. OtherStructural
Systems,
includingexteriorwalisandfloors:
Comments;
Any defects
(structulal
or otherwise)?
o yes
Colnmenls:
o Unknown
7. Air Conditioning
System:
ls coolingsuppliedtoall finishedrooms?oyes oNo o Unknown oDoesNotApply
Comurents:
Is the systemin operatingcondition? o Yes o No o Unknown o DoesNot Apply
Comruents:
8. Electric Systems;Are thereanyproblemswith electricalfuses,circuitbreakers,outletsor wiring?
o Yes
oNo.
o Unknown
Comments:
Will the smokedetectorsprovidean alann in the eventofa power outage?oYes o No o DoesNot Apply
Comments:
9. Septic
Systems:
Istheseptic
system
properly?oYes oNo o Unkrowt oDoesNotApply
functioning
Whenwasthesystcmlastpumped? Date_
o Unknown
Comments:
10. WatefSupply:Any problemwith watersupply?
Comments:
Hornewat€rtroatmentsystem:
o Yes
Comments:
Fire sprinklersystem:
o Yes
o No
Comments:
Are the systemsin op€ratjngcondition?
Comments:
I t. Insulation:
ln sxtcriorwalls?
ln ceiling/attic?
Iu anyotherareas?
Corrmelts;
oYes
oNo
o Unknown
o No
o Unknown
o Unknown
o DoesNot Appiy
o Yes
o No
o Yes
o Yes
o No
o No
oUnktown
o Unknown
o Yes
o No
Where?
12. ExtedorDrainage:
Doeswaterstandon thepropeftyfor morethan24hoursaftera heavyrain?
o Yes
o No
o Unknown
Comments
Are guttersanddowDspouts
in good repair? oYes
CoLnncnts:
oNo
PaZcZ of 4
o Unknown
o Unknowo
l3 wood-destroying
insects:Any infestation
and/orpriordamage? oyes
Conments:
Any treatments
or repairs?
o yes
o No
o Unknown
Any waffanties?
o yes
o No
o Unknown
Comments:
oNo
o unknown
14
thercanyhazardous
or regulated
(including,
materiais
butnotlimitedto, licensed
landfills,asbestos,
radongas,toad-based
paint,
.Are
urd€rglound
storage
tanks,or othercontamination)
onthepioperty?
o Yes o No o Unknown
Ifyes, specifubelow
Comtrents:
l5 Ifthe property
reliesonthecombustior
ofa fossilfuelfor heat,ventilation,hotwater,or clothesdryeroperatioD,
is a cabou
monoxideaiatminstalled
in theproperty?
o Yes o No
0 Unknown
Comments:
16. Are th€reanyzoningviolations,nonconforminguses,violationofbuilding restrictionsor setbackrequirernents
or anyrecordedor
unrecoldedeasement,
exceptfor utilities,on or at'fectingthe propedy?
o Yes oNo o Unknown
Ifyes, specigbelow
Conmelts:
17. ts the propertylocatedin a flood zone,conservationarea,wetlandarea,Chesapeake
Bay critical areaor DesignatedHistoricDistrict?
o Yes
o No
o Unknown
Ifyes, specifybelow
Comrnn"ls'
l8.ls tbe propefiysubjectto any restrictioniurposedby a Home OwnersAssociationor any other type of cornmunityassociatiop?
o Yes
o No
o Uuknown
lfyes, specill below
Comments:
19. Are thereany othermaterialdefects,including latentdefects,affectingthe physicalconditionofthe propefty?
o Yes
o No
o Unknown
Comments:
NOTE: Owner(s)may wish to disclosethe conditionof otherbuildingson the propertyon a separate
RESIDENTIAL PROPERTYDISCLOSURESTATEMENT.
The owner(s)acknowledge
having carefullyexruninedthis statement,
includingany comments,andverily that it is
completeandaccurateas ofthe datesigned. The owner(s)furtheracknowledge
that they havebeeninformedof
their rightsandobligationsunder$10-702ofthe Marylald RealPropertyArlicle.
Owner
Date
Owner
Date
The purchaser(s)
acknowledge
receiptof a copy ofthis disclosurestatementand furtheracknowledge
thatthey
havebeeninformedoftheil rights and obligationsunder$10-702ofthe MarylandRea[PlopertyArticle.
Purchaser
Date
Purchaser
Date
Page3 of 4
VIARYLAND RESIDENTIAL PROPERTY DISCLAIMER STATEMEN'I,
NOTICE To OWNER(S): Signthis statementonly if you electto sell thepropertywithout representations
and
wanantiesasto its condition,exceptasotherwiseprovidedin the contractof saleand in the listing oflatent
defects
setfbrth below;otherwise,completeand sign the RESIDENTIALpRopERTy DIScLosuRIl S].ATEMENT.
Exceptfor the latentdefectslistedbelow,the undersigned
owner(s)ofthe real propertymalceno representations
or
walrantiesasto the conditionofthe real propeftyor anyimprovements
thereon,andthe purchaserwill be
receivingthe realproperty"asis" with all defects,includinglatentdefects,wlich may
u, olhelwise
"t""pt
providedin there€[estatecontractofsale, The owner(s)acknowledge
havingcarefuliy""i.1,
examined
this statement
and fufiher acknowledge
that they havebeeninformecloftheir rightsand obligarionsunder$ l0-702 ofthe
MarylandRealPropertyAnicle.
The owner(s)hasactualknowledgeofthe following latentdefects:
Owner
Date
Owner
Date
The pltrchaser(s)
acknowledge
receiptof a copy of this disclaimerstatementandfurtheracknowledge
thatthey
havebeeninformedoftheir rightsand obligationsunder$10-702ofthe MarylandReal ProperlyAlticle.
Purchaser
Date
Purchaser
Date
Page4 of 4
I;ORM:DLLR-/REC/P/10-l'0lRev
Rev l0- l -07
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