Home Buying in 21047>Question Details

Finz47b@aol.…, Other/Just Looking in na

What does 'property disclaimer' mean when its at the bottom of a listing??

Asked by Finz47b@aol.com, na Sat Jul 12, 2008

We were looking at ahouse in the Fallston Maryland area, when we noticed at the bottom of the listing a 'property disclaimer' notice, should we be concerned???

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If someone present you a home and it says turn over Mobile Home Disclaimer
0 votes Thank Flag Link Sun Apr 7, 2013
Seller's of real property in Maryland have to either (i) disclose all information that they have on the home (how long they have owned it, ages of systems, age of roof, etc.) or (ii) disclaim which is basically a statement that the house is sold as is subject to any negotiated inspections. Sellers have to disclose latent defects or material facts even if they disclaim. Except certain excluded parties like estates. I see disclamers much more than disclosures on the properties we handle. It is not, by itself, cause for concern.
0 votes Thank Flag Link Tue Jan 25, 2011
Essentially it means the sellers are selling the property without acknowledging any information about the condition of the home. Except "Latent Deffects"
The law requires sellers to disclose any known latent defects in the property -- even if they choose to sign a property disclaimer statement.
Should you be concerned?
A home inspection to protect yourself is strongly recomended.
Please visit my website for more detailes expalnation about the Maryland Purchase Contract
0 votes Thank Flag Link Sat Jul 12, 2008
Are you refering to the MLS (Multiple Listing Service) handout? Here in Connecticut ours all have a disclaimer at the bottom "This information is deemed reliable, but not guaranteed" stated with all properties.
0 votes Thank Flag Link Sat Jul 12, 2008
In the Maryland (MAR) contract there is a mandatory Disclaimer/Disclosure. The seller can choose to disclose to potential buyers all that they know about their house, or to disclaim. In cases where the seller has not lived in the house, they may disclaim (property in a trust, investment property...) they may choose the disclaimer. There is no reason to be alarmed. The truth is, if they have not lived there for 3 months or more, they don't know about the systems of the house. In my opinion, a buyer should have a home inspection contingency anyway, so if anything is wrong with the house, it will show up in the inspection, and you will have the choice to address it or to void the contract.

With the high number of short sales on the market, we are probably going to see more disclaimers.
0 votes Thank Flag Link Sat Jul 12, 2008
An owner has a choice of filling our a property information form, listing all the things about the home, the condition of like electrical systems, roof, etc OR do a property disclaimer - which means they are not telling you anything, you have to check it all yourself - it is common with owners who have not lived in the property, ie, banks or mortgage companies that have foreclosed on properties or owners who have rented the property - it is not a bad thing - but a good Realtor will always note it in their listings - just be sure if you are going to buy the property, hire a good inspector, and make your offer contingent upon a good home inspection report!

Good Luck!

Bill Wootan
Web Reference: http://www.billwootan.com
0 votes Thank Flag Link Sat Jul 12, 2008
By law, every property has to have a property disclaimer or disclosure. This allows the buyer to know if there are any latent defects to the home. The seller is required to disclose these issues, if any, so the buyer can make an educated decision on whether or not to purchase the home. For example, if they know the roof leaks or the basement gets water in it during rainy days, they would have to disclose this.
0 votes Thank Flag Link Sat Jul 12, 2008
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