Crofton Real Estate Q&A
Q. How often are real estate forms updated in Maryland? The offer on my home includes several forms that haven’t been updated since 2009 or earlier. Should I be concerned?
A. Maryland real estate forms are typically updated as the laws change, usually in the fall following the legislative session ending in April when new real estate laws are passed.
Nearly forty standard real estate forms have been updated so far in Maryland during 2013, including the Maryland Property Condition Disclosure and Disclaimer from the Maryland Real Estate Commission, a division of the Maryland Department of Labor, Licensing and Regulation.
Of the four new statutory forms, changes to the Maryland Residential Property Disclosure/Disclaimer Statement may be the most noticeable at a glance.
Home owners are now asked to disclose if permits were pulled from the county or local permitting office for improvements made by the homeowner or a contractor. Additionally, home owners are asked for details about their smoke detectors. To view the new form in its entirety, click on Real Estate Commission – Maryland Residential Property Disclosure/Disclaimer Statement.
Maryland Association of REALTORS® Forms:
There were six changes to the Residential Contract of Sale and two changes to the Unimproved Land Contract. Both of these contracts now include a provision advising buyers to inquire about any deferred water and sewer assessments. Another change to the Residential Contract of Sale is a provision requiring any permit violations to be corrected prior to closing.
Several addenda were modified, including the Short Sale Addendum, the VA and FHA Financing Addenda, the Financial Condition of Property Addendum, the Lockbox Addendum and several others.
The brokerage agreements for buyers and sellers were updated, as well.
This is not meant to be a complete list of updates, of course, but a reminder to check the date at the bottom of the page on any so-called “standard” real estate forms. If they’re not dated 2013, ask the agent to confirm that the form is the latest update. This information is easily available to all real estate agents and brokers at the Maryland Association of REALTORS® website.
Copyright 2013. All rights reserved. Margaret Woda
Local information posted to Focus on Crofton is my way of attracting new buyers to our community while keeping my neighbors informed. Please feel free to comment below or contact me directly if you would like to see a post about an event sponsored by your community organization or a specific real estate topic.