Starting Oct, 1 of this year, a new Maryland law affecting condominium sales will take effect.
The law establishes the unenforceability of contracts for the sale of condominium units that do not contain a statement by the vendor or unit owner as to whether the vendor or unit owner has actual knowledge of the presence of asbestos in the condominium, including a description of the location of the asbestos, whether abatement has been performed, and the date of any abatement.
Existing Maryland law already requires property owners to disclose material facts about properties to buyers under Maryland’s Property Condition Disclosure Law. If the seller has knowledge of any hazardous materials present on the property, including asbestos, they must already disclose this to the buyer. However, this new law requires the unit owner to disclose the presence of asbestos or any abatement that has taken place in the condominium at any point in the past.
Another law going into effect Oct. 1 that affects disclosure requirements by sellers is one related to superfund sites.
Sellers of a property within one mile of a National Priorities List (NPL) Superfund site shall include an addendum to the contract that includes information on NPL Superfund sites. Buyers may void the contract and refund money paid to the seller within five days. The epa.gov website that lists the sites for the state of Maryland does not show any sites listed for Worcester, Wicomico or Somerset counties.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
