ABOUT THE CONTRACT
INFORMATION CONTAINED IN THE CONTRACT OF SALE FOR MARYLAND
INTRODUCTION: The Contract of Sale is a legally binding contract. Your Homefinders.com Buyer's Agent will
explain the contract to you as you complete your offer and if you have any question, be sure
to ask. You will receive a copy of the contract once it's signed. Keep it for your records.
Once the contract has been accepted by the buyer and seller, no changes can be made without
the agreement of both buyer and seller. If you wish to have any inspection, be sure to make
those wishes known to your agent BEFORE the contract is signed. The seller will be making
a decision about whether to accept, counter or reject your offer based on what is submitted.
If you ask for inspection AFTER you have a signed and accepted contract, the seller does NOT
have to agree.
Information contained in the contract include, but are not limited to, the following:
PARTIES INVOLVED - Buyer and Seller. The agents are not party to the contract. However, the listing broker
and selling broker and their agents are identified in the contract for purposes of communication and
information.
TIME IS OF THE ESSENCE. The dates agreed to in the contract are firm and, unless agreed to by the buyer and seller, a party that misses a date in the contract risks having the contracted voided.
SELECTION OF VENDORS:
Selection of Title Company, Insurance Company, Settlement Company, Escrow Company, Mortgage
Lender are all selected by the buyer. The Buyer's Agent may recommend vendors to their buyer.
TRANSFER TAXES: Transportation Charges and who pays them are described.
TERMITE Inspection, treatment and repairs are covered.
CONDITION OF PROPERTY AND POSSESSION: This is the paragraph that permits the buyer to "walk-through"
the property prior to settlement to make sure all of the mechanical systems and related equipment
are in working order. With the exception of items covered in this paragraph, property in Maryland
is sold in "AS IS" condition.
RESPONSIBILITIES of the buyer and seller are described. The buyer must represent their financial ability truthfully and pursue loan approval as offered in the contract. The seller must keep the property in the same condition as when sold and keep mortgage payments current.
DEFAULT and the processes for remedies in the event of buyer or seller failure to settle including mediation.
TYPE OF FINANCING proposed by and accepted by seller. These paragraphs include the type of financing, the dates for obtaining financing and remedies in case of failure to obtain financing.DEPOSITS and escrow of Earnest Money.
INCLUSIONS AND EXCLUSIONS: Items to convey at settlement.
BROKER FEE: This is an instruction to the title company to pay the buying and selling broker.
SINGLE FAMILY RESIDENTIAL REAL PROPERTY DISCLOSURE NOTICE: BUYER IS ADVISED OF THE RIGHT TO RECEIVE A “DISCLOSURE AND DISCLAIMER STATEMENT” FROM SELLER (SECTION 10-702 REAL PROPERTY ARTICLE, ANNOTATED CODE OF MARYLAND).
HOMEOWNER’S ASSOCIATION: Describes the buyer's right to receive the HOA or Condominium Association document prior to settlement.
HOME AND/OR ENVIRONMENTAL INSPECTION, LIMITED WARRANTY: This paragraph describes the buyer's rights and seller's responsibilities for home and other inspections. Buyers have the right to request inspections. Sellers do not have to agree.
LEAD-BASED PAINT HAZARDS: This section disclosed lead based paint presence and buyer's right to disclosure, testing and remediation.
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