Summary of Changes to Purchaser's Rights - July 2006

Form 1342 — Notice to Purchaser and Seller of Purchaser's Rights and Seller's Obligations Under Maryland Property Condition Law

  • Amended the caption of the form to include not only a notice to the purchaser of the purchaser's rights under the Act but also the seller's obligations under the Act;

  • Amended Paragraph (A)(viii) to provide that material defects also includes latent defects;

  • Amended the form to include the acknowledgment by the Purchaser(s) and the Seller(s) of their acknowledgment of the Purchaser's rights and Seller's obligations under Section 10-702. This revision is based upon a provision of Section 10-702 which requires the real estate licensee representing a seller of residential real property, as the listing agent, to inform the seller of the seller's obligations under Section 10-702.

While this is probably being done verbally by the listing agent, there is no record or proof of evidence that such statutory duty by the listing agent to inform the seller of their obligations under the Act has been complied with. The revised caption and revised acknowledgment immediately above the signature line on page 3 of the attached provides written evidence of such information being provided by the listing agent to the seller.