Maryland Land Contract Addendum Form PDF Details

Understanding the Maryland Land Contract Addendum form is critical for anyone involved in the purchase or sale of real estate within the state. This comprehensive document serves as a supplement to the initial contract of sale between buyer and seller, meticulously outlining additional terms and conditions that are essential for a legally binding agreement under Maryland law. The addendum addresses a diverse range of topics, from the basic requirements of creating an enforceable contract, such as the necessity for the agreement to be in writing and signed by all parties, to more nuanced details concerning the property's intended use, settlement processes, and potential environmental considerations. Specific clauses also ensure thorough disclosure regarding aspects like ground rent, homeowner association fees, and the presence of hazardous materials, thereby safeguarding the interests of both parties. Additionally, the form touches on critical areas specific to Maryland, including the Chesapeake Bay Critical Area and properties affected by the proximity to BWI Airport, emphasizing the importance of understanding local regulations and potential impacts on the property's use and value. Equal housing opportunity commitments and detailed guidance on property condition evaluations further illustrate the document's role in promoting transparency and fairness in real estate transactions. Through delineating the obligations of both buyers and sellers concerning inspections, insurance, and environmental hazards, the Maryland Land Contract Addendum form plays an indispensable part in ensuring that parties are well-informed and protected throughout the transaction process.

QuestionAnswer
Form NameMaryland Land Contract Addendum Form
Form Length3 pages
Fillable?Yes
Fillable fields70
Avg. time to fill out14 min 49 sec
Other namesMDE, sale, ZipForm, association

Form Preview Example

GENERAL ADDENDUM TO CONTRACT OF SALE

FOR USE WITH THE MARYLAND ASSOCIATION OF REALTORS® RESIDENTIAL CONTRACT OF SALE FORM.

Addendum Number

 

 

to Contract of Sale (the ''Contract'') dated

 

 

 

Buyer(s):

 

 

 

 

 

 

Seller(s):

 

 

 

 

 

 

Property:

 

 

 

 

 

 

1.

LEGAL

A Contract for the sale of real property is required to be in writing to be enforceable under the laws of the State of Maryland.

 

REQUIREMENT:

Once signed by the parties, the Contract becomes a legally binding agreement. The original terms of the Contract can only be

 

 

 

 

altered thereafter with the agreement of the parties expressed in writing. All parties have the right to be represented by an

 

 

 

 

attorney and are encouraged to seek competent advice if they do not understand any term(s) of the Contract. The

 

 

 

 

broker/agent is required to promptly submit all written Contract offers to the Seller.

 

 

2.

INTENDED USE:

The use of a particular property may be limited or restricted as a result of zoning laws, local ordinances and/or restrictive

 

 

 

 

covenants applicable to the property. The Contract of Sale form provided by the broker/agent is designed and intended for

 

 

 

 

use only in the purchase and sale of single-family residences or unimproved residential property. If Buyer intends to use a

 

 

 

 

property for any other purpose, the standard Contract of Sale form may not adequately serve to protect Buyer's interests

 

 

 

 

without the addition of an appropriate clause or addendum conditioning the Contract offer upon a determination that Buyer's

 

 

 

 

intended use of the Property will be permitted.

 

 

3.

SETTLEMENT:

All persons to be in title and/or responsible where a mortgage is to be created should be present at the time of settlement and

 

 

 

 

may be required to provide proper identification. Prior to settlement, a lender normally requires that Buyer obtain and provide

 

 

 

 

a fully paid homeowner's insurance policy, a termite inspection report, and various certifications which may be applicable to

 

 

 

 

improved properties. Buyer should be prepared at the time of settlement to pay the settlement costs and the balance due

 

 

 

 

under the Contract. Buyer must provide cash, wired funds, bank check or certified check for amounts to be paid at settlement.

 

 

 

 

In some cases, Seller may be required to provide funds in excess of the sales proceeds in order for settlement to occur, in

 

 

 

 

which event, Seller also should be prepared to make payment in an approved form. Any party uncertain of the amount

 

 

 

 

required at settlement should make inquiry of the title company or settlement attorney prior to settlement. Buyer should

 

 

 

 

establish gas, electric and water service in Buyer's name commencing the day of settlement.

 

 

4.

GROUND RENT:

If a Property is subject to an existing ground rent as provided in a lease recorded among the Land Records, or if a ground

 

 

 

 

rent is to be created, Seller will make those disclosures required by law by an appropriate additional clause or addendum to

 

 

 

 

the Contract.

 

 

 

 

5.

RENTAL:

If any portion of the Property is to be rented to tenants by Buyer, the local government may require that the Property be

 

 

 

 

registered prior to any rental and a yearly registration fee may be assessed by the local government. You may call the

 

 

 

 

appropriate government office for further information. If the Property is now or has been rented to tenants, local laws may give

 

 

 

 

the tenants certain rights to purchase the Property. These rights are set forth in the Contract. Effective October 1, 1994,

 

 

 

 

certain disclosures are required regarding the presence of lead based paint in certain rental properties.

 

 

6.

EQUAL HOUSING

A REALTOR® is required by federal, state and local law, and the Code of Ethics of the National Association of REALTORS®

 

OPPORTUNITY:

to treat all parties in a non-discriminatory manner without regard to race, color, creed, age, religion, national origin, sex,

 

 

 

 

marital status, familial status, physical or mental disability, occupation, sexual orientation or preference, or other protected

 

 

 

 

classifications under Fair Housing Laws.

 

 

7.

HOME OWNER

It a Property is part of a development subject to the imposition of mandatory fees as defined by the Maryland Home Owners

 

ASSOCIATIONS/

Association Act, and/or a condominium unit, Seller will make the required disclosures by an appropriate addendum to the

 

CONDOMINIUMS:

Contract.

 

 

 

 

8.

PRIVATE

Some communities may be subject to agreements, covenants or restrictions relating to the cost of certain maintenance items,

 

AGREEMENTS:

restricting the use of properties or dealing with other matters. For example, properties sharing a driveway are often subject to

 

 

 

 

such agreements. These private agreements do not fall within the required disclosures of HOA or condominium laws and may

 

 

 

 

or may not be recorded. Buyer should make inquiries of Seller prior to or at the time of Contract.

 

 

9.

WETLANDS

Buyer is advised that, if all or a portion of the Property has wetlands and/or waterways, the approval of the U.S. Army Corps

 

AND/OR

of Engineers (the ''Corps''), the Maryland Department of Natural Resources and other federal, state or local agencies may be

 

WATERWAYS:

necessary before a building permit for either new construction or expansion or improvement of the Property can be issued.

 

 

 

 

Additionally, the future use of existing improved properties may be restricted due to the presence of waterways and wetlands.

 

 

 

 

Information can be obtained from the District Office of the Corps at (410) 962-3670 and the Maryland Department of Natural

 

 

 

 

Resources at (410) 974-3841.

 

 

10.

REFORESTATION:

(Note: Applicable to property containing 40,000 or more square feet of land.) Buyer is hereby advised that if Buyer intends to

 

 

 

 

apply for subdivision or site plan approval or a grading or sediment control permit upon the Property, applicable City or

 

 

 

 

County law may require as a condition of such approval that Buyer submit plans acceptable to the City/County for

 

 

 

 

establishing new tree cover, planting trees to replace forest which has been recently removed, and conserving the cutting and

 

 

 

 

clearing of trees in accordance with applicable laws and regulations.

5/96

Ed Smith REal Estate PO Box 371, Ocean City MD 21843

 

 

 

 

 

 

Phone: 4102132700

Fax:

Edward Smith

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11.CHESAPEAKE BAY CRITICAL AREA:

12.BWI AIRPORT NOTICE:

If all or a portion of a Property is located within 1000 feet of tidal waters of the Chesapeake Bay, there may be restrictions on the use and/or development of the Property. Additional information regarding the Chesapeake Bay Critical Areas is available from the Critical Areas Program established by the local government of each county in Maryland and Baltimore City.

Some properties may be located in the Baltimore/Washington International Airport Noise Zone. A Buyer desiring to obtain a copy of Noise Zone Maps may do so by calling the BWI Noise and Abatement Office at (410) 859-7021. Information regarding the location of other airports and their operations may be obtained by calling the local zoning office for the area in which the Property is located.

13.

INSURANCE:

Buyer acknowledges that, as a condition of making a mortgage loan, lenders may require proof of hazard insurance coverage

 

 

and may also require flood insurance coverage.

 

14.

PROPERTY

If the appropriate contingency is included in the Contract, home inspection firms may be employed to inspect the condition of

 

CONDITION (HOME

the Property, including central heating and cooling systems and components, plumbing and electrical systems and

 

INSPECTION):

components, the roofing, exterior and interior walls, ceilings and floors, foundation and/or basement (including chronic water

 

 

penetration). If the Property is part of a condominium, Buyer's rights include access to the common areas to perform the

 

 

inspection.

 

15.

PRIVATE WATER

Many properties are serviced by wells and/or private water and/or sewage systems. Local laws or lenders may require

 

AND SEWAGE

various tests and/or inspections. If the Property is serviced by any such system, this should be addressed by a separate

 

SYSTEMS:

addendum to the Contract.

 

16.

ENVIRONMENTAL

There are many hazardous materials that could affect a Property. The Brokers and their agents will generally have no

 

CONSIDERATION:

knowledge of these hazardous materials and do not have the technical expertise to ascertain or advise you of the presence

 

HAZARDOUS

or significance of these hazardous materials. Buyer has the right to request, as a condition of an offer and, subject to

 

MATERIALS:

acceptance by the Seller, the employment of a specialist of Buyer's choice to provide an analysis of hazardous materials

 

 

which may be present. Hazardous materials inside the home can include, but are not limited to, cleaning chemicals, paint,

 

 

asbestos, radon, lead paint, petroleum products, lawn and garden chemicals and indoor air pollutants that can accumulate.

 

 

Hazardous materials outside the home can include, but are not limited to, those found in contaminated land, water, landfills

 

 

and other disposal sites, industrial air and water emissions, radiation from high tension wires, and those which may be

 

 

present in underground storage tanks. Generally, additional information pertaining to these materials is available from the

 

 

Maryland Department of the Environment (MDE) at (410) 631-3000.

 

17.

FIRE-RETARDANT

The use of fire-retardant treated (FRT) plywood as roof sheathing may result in the loss of wood strength through thermal

 

TREATED

degradation. The extent of such degradation depends upon the particular fire-retardant treatment used as well as the

 

PLYWOOD:

temperature levels and the degree of moisture present in the roof and attic systems. Additional information regarding FRT

 

 

plywood is available from the National Association of Homebuilders at (800) 368-5242. For information as to whether a

 

 

Property was constructed with FRT plywood, Buyer may contact the local Department of Building Inspections and Permits

 

 

and/or request that a home inspector determine the condition of FRT plywood if present.

 

18.

RADON:

The MDE and the U.S. Environmental Protection Agency (EPA) have found levels of naturally occurring radon in some areas

 

 

of Maryland that exceed the levels considered acceptable by the EPA. Studies have shown that extended exposure to high

 

 

levels of radon can adversely affect your health. Radon testing firms in the area have special equipment to detect elevated

 

 

levels of radon on a Property. They can also recommend actions to be taken to decrease concentrations of radon to an

 

 

acceptable level. Buyer is advised to contact the Center for Radiological Health at the MDE at (410) 631-3000 for further

 

 

information on radon.

 

19.

LEAD PAINT:

The MDE has found that many homes built before 1978 contain lead paint, the ingestion of which can be particularly

 

 

dangerous. The potential dangers of lead paint may be greatly exacerbated by repairs and renovations performed without the

 

 

assistance of a qualified lead paint removal specialist. Buyer is advised to contact the Lead Paint Poisoning Prevention

 

 

Division of the MDE at (410) 631-3000 for further information on lead paint. Specialists are available to determine if lead paint

 

 

has been used in a Property. In some cases, a lead paint inspection may be mandatory.

 

20.

ASBESTOS:

Asbestos has been used in residential property for insulation, fireproofing, acoustical, decorative and other purposes.

 

 

Common uses of asbestos include insulation around boilers and pipes, surfacing material, ceiling and floor tiles, roofing

 

 

material, wallboard, and cement pipe. Improper handling or removal of asbestos during renovations or repairs may damage

 

 

the asbestos and cause asbestos particles to become airborne, potentially causing health risks. Buyer is advised to contact

 

 

the MDE at (410) 631-3000 for further information on asbestos.

 

21.

AVAILABILITY OF

A Limited Warranty may be available for purchase through a Broker. Such a Limited Warranty may provide, subject to the

 

LIMITED

terms and conditions of the Limited Warranty, compensation in the event certain named components and/or appliances

 

WARRANTY:

become inoperable or fail during a specified period of time (usually one year from settlement).

 

22.

NEWLY

a) New Home Warranty Plan: If a Property is a newly constructed dwelling, Maryland law requires that Seller/Builder provide

 

CONSTRUCTED

Buyer with a written statement concerning the presence or absence of a New Home Warranty (addendum will be attached); b)

 

RESIDENCES:

Insulation: Seller/Builder must inform Buyer of the location, type and thickness (R Factor) of insulation used in the walls and

 

 

roof of the newly constructed residence; c) Water/Sewer Service: A Property may be subject to a fee or assessment which

 

 

purports to cover or defray the cost of installing or maintaining all or part of the public water or waste water facilities serving a

 

 

subdivision. This fee or assessment may be payable annually. Seller will provide Buyer with a detailed written disclosure of

 

 

the amount of the fee, the duration of the fee, and any right to prepay or discount the fee.

 

 

 

 

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23. CERTIFICATIONS:

Depending upon the type of mortgage applied for by Buyer, lenders may require certain certifications that relate to a Property

 

 

or require inspections/appraisals that certify that a Property is free of specific hazards or conditions.

24.FHA PREPAYMENT: FHA regulations specify that if the loan is paid in full on the first day of a month, interest for that month is not payable, but if the loan is paid in full on any day other than the first day of a month, interest may be payable through the end of that month.

25. NOTICES / FAX

Unless otherwise provided herein or in another Addendum, any notice to Buyer shall be effective when delivered to Buyer or

TRANSMISSION:

an agent of Buyer, and any notice to Seller shall be effective when delivered to Seller or an agent of Seller. Notices under the

 

Contract shall be in writing, and may be hand-delivered, mailed or transmitted by an electronic medium which produces a

 

tangible copy, such as telecopier (fax). A telecopy of a signed offer, acceptance, addendum or notice shall be deemed the

 

equivalent of the original document. While not required, it is suggested that documents with original manual signatures of the

 

parties be forwarded to Buyer and Seller in accordance with the Contract.

(SEAL)

Date

 

Buyer

(SEAL)

Date

 

Buyer

(SEAL)

Date

 

Seller

(SEAL)

Date

 

Seller

(SEAL)

Date

 

Broker/Salesperson

(SEAL)

Date

 

Broker/Salesperson

This form has been prepared for the sole use of the following Boards/Associations of REALTORS® and their members. Each Board/Association, including

its members and employees, assumes no responsibility if this form fails to protect the interests of any party. Each party should seek its own legal, tax,

financial or other advice.

The Greater Baltimore Board of REALTORS®, Inc.

Harford County Association of REALTORS®, Inc.

Carroll County Association of REALTORS®, Inc.

Howard County Association of REALTORS®, Inc.

FORM 3815 REVISED 3/96 © 1994 The Greater Baltimore Board of Realtors, Inc.

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