ANNAPOLIS — The Senate Judicial Proceedings Committee has passed a bill sponsored by Carroll Sen. Larry E. Haines intended to protect home buyers andsellers.
The legislation would require a property seller to deliver to a purchaser a "disclosure statement," which would contain a checklist of factors considered important in the decision to buy a home.
The disclosure form would require the seller to answer 37 detailed questions under these broad categories: lot or title information; structural information; systems/utilities information; and miscellaneous.
"Since a home purchase is the largest single investment that most people make in a lifetime, it is important that all relevant information regarding the home's condition be provided," said Haines, a Republican.
Haines is the owner of Haines Realty in Westminster.
A purchaser who did not receive the disclosure form prior to entering a contract of sale would have the right to rescind the contract.
The bill, patterned after an Oregon law, would apply to residential properties of four units or less and would not apply to an initial property sale.
The bill is being considered on the Senate floor.