03/17/2021 by heiseheisellp 1 Comment
Three Documents Necessary for Maryland FSBO Transactions
Hey there rebel, decided to go it on your own and sell your house without an agent as a for sale by owner (FSBO) transaction in Baltimore, MD? A FSBO sale in Baltimore, MD takes a great deal of preparation at the outset to get in the right position for a successful sale. You have to look at your house with a critical eye to determine what repairs need to be made and what needs to be done to punch up that always important curb appeal. You have to figure out which platforms are best for your marketing, Zillow, Facebook Marketplace . . . maybe a flat fee listing service. And you also have to do research to make sure you have priced your house properly so you do not leave money on the table.
After doing all the work to get ready to sell your Baltimore home as a FSBO and getting a potential home buyer who is willing to make an offer, what’s next? The buyer might be prepared to make an offer but there are documents and information you should have ready to hand over to them so they can prepare a complete offer. The following is a list of recommended documents sellers should consider having on-hand before you even have an offer.
Documents Needed in Maryland FSBO Transactions
List of Inclusions/Exclusions
This form lists all the appliances that you intend to sell along with the property, discloses leased items such as propane tanks or solar panels, and informs a buyer if the property is served by public water and sewer or is on well and septic. This information may lead a buyer to include addendums for the inspection of some of these items to occur prior to settlement.
Maryland Residential Property Disclosure and Disclaimer Statement
This form is required in most residential sales in Maryland and allows a seller to sell a property as is, so long as they reveal latent defects, (disclaimer) or a form revealing defects and other information about the condition of the property (disclosure). This form can be viewed here: https://www.dllr.state.md.us/forms/propertydanddform.pdf . A buyer must receive this form at or prior to the time the contract is entered into or they may have the right to rescind the offer.
Condo Resale Package
This is not one document but a group of documents that will have to be ordered from your condominium association. The package includes: a Declaration, Bylaws, Rules and Regulations, a notice of capital expenditures and other important documents and information. There is a fee for the package and it can take the condominium association anywhere from a few hours to a few weeks to prepare and send it to you. In Maryland you are required to provide these documents to a buyer at least fifteen days before closing and they have seven days from the date of receiving all of this information to rescind the contract and receive a return of deposit.
UPDATE: Homeowners Association Resale Package
There is one additional set of documents FSBO sellers need to keep in mind to avoid a potential pitfall. As a FSBO seller you are required to supply the buyer with a homeowners association resale package five calendar days or more before entering into a contract. If you do not supply the resale package to your buyer, s/he can cancel the contract five calendar days after receiving the documents and is entitled to a return of the deposit.
These is just a representative list of documents and information sellers should have ready for a potential home buyer as part of a for sale by owner transaction in Baltimore, MD. Some forms carry more weight than others and allow a buyer to rescind a contract if they do not receive them. If you are feeling a bit overwhelmed by this blog rest assured we are here to help!
Call our Baltimore, MD real estate attorney’s office today at 410-276-1983 for more information.