A Maryland residential real estate purchase agreement (“Contract for Sale and Purchase of Real Estate”) is a contract which commits a buyer to an offer to purchase real estate, according to specific terms agreed by the buyer and seller. Negotiated specifics include the purchase price, financing method, closing date, and more.
The seller still must be honest in answering the buyer’s questions. A disclosure exemption does not allow a seller to fraudulently conceal issues with a property.
Maryland sellers of residential real estate must make the following disclosures, as appropriate, in order for a real estate purchase agreement to be considered legally binding:
(1) This section applies only to single family residential real property improved by four or fewer single family units.
(2) This section does not apply to:
(i) The initial sale of single family residential real property:1. That has never been occupied; or2. For which a certificate of occupancy has been issued within 1 year before the vendor and purchaser enter into a contract of sale;
(ii) A transfer that is exempt from the transfer tax under § 13-207 of the Tax – Property Article, except land installment contracts of sale under § 13-207(a)(11) of the Tax – Property Article and options to purchase real property under § 13-207(a)(12) of the Tax – Property Article;
(iii) A sale by a lender or an affiliate or subsidiary of a lender that acquired the real property by foreclosure or deed in lieu of foreclosure;
(iv) A sheriffs sale, tax sale, or sale by foreclosure, partition, or by court appointed trustee;
(v) A transfer by a fiduciary in the course of the administration of a decedents estate, guardianship, conservatorship, or trust;
(vi) A transfer of single family residential real property to be converted by the buyer into a use other than residential use or to be demolished; or
(vii) A sale of unimproved real property.
How Do You Write a Real Estate Contract in Maryland? To write a real estate contract in Maryland, you will need to identify and document the terms and conditions of the sale. The contract should also include the names of each party and the legal property address. You can download a customizable template or write your own. Read more » How Can You Get Out of a Real Estate Contract in Maryland? You can get out of a real estate contract in Maryland during several stages of the buying process. First, the offer must be accepted to make it binding. If the seller rejects the offer, the buyer can make a counter-offer or leave the deal. Read more » What Is the Effective Date of a Real Estate Contract in Maryland? In Maryland, the effective date of a real estate contract is the date the buyer and seller agree to the terms of the contract and have it executed. All contract obligations are binding and enforceable on the effective date. Read more » Can a Seller Cancel a Real Estate Contract in Maryland? In Maryland, a seller can get out of a real estate contract if the buyer’s contingencies are not met—these include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale. Read more » How Do I Fill Out a Real Estate Contract in Maryland? To fill out a real estate contract in Maryland, first, download our customizable Maryland real estate contract template. Filling out the template is fairly straightforward, complete the information for each party, including the names, party type, and address along with the terms and conditions of the deal. Read more »
