Full Disclosures of Latent
Defects Now Required In Maryland |
Autumn
Advice
continued from front page...furnace/boiler/water heater
and
one in the master bedroom.
• Gardens and Equipment: Pay
attention to tender plants
before the first frost. Clean
and lightly oil garden tools.
Store outdoor furniture.
Fertilize and aerate lawns.
• Decks: Pressure wash and
apply a preservative to wood
deck materials.
• Driveways: Seal asphalt drives.
• Drains: Inspect areaway and
basement floor drains and
maintain them free of leaves
and debris. Cover with mesh
to prevent clogging. |
I have been disturbed that Maryland law in the
past did not require Sellers to make full disclose of hidden
defects that were known to them. How many times have I heard
a Seller state “no water problem in my basement” only to
have a neighbor tell the new buyer after settlement about
last year’s flood? Nonetheless, a Seller could sign a
disclaimer regardless of their actual knowledge of
conditions in the home and have no risk.
Maryland law made a significant change on October 1, 2005
for Realtors and Sellers of residential real estate. Sellers
are now required by law to disclose any known latent defect.
This is a small step toward full disclosure and is limited
to latent defects, defined as a material defect that a
purchaser would not reasonably be expected to discover by a
careful visual inspection of the property and which would be
a threat to the safety or health of the purchaser or
occupant.
Listing agents can now use this new law to obtain full
disclosure of known health or safety related hidden defects
in the homes they list, but also to encourage Sellers to
make full disclosure on the basis than almost any adverse
condition in a home could lead to the possibility of health
or safety problems or at least a claim thereof. |