Did you know a person who inherits property from an estate is required to provide a purchaser with a disclosure or disclaimer statement regarding the condition of the property even if that person has never lived in the property?
April 8, 2016
Did you know… that a person who inherits property from an estate is required to provide a purchaser with a disclosure or disclaimer statement regarding the condition of the property even if that person has never lived in the property?
In Maryland, the fiduciary of an estate does not have to provide a disclosure or disclaimer statement when selling a residential property with four or fewer units in the course of administering the decedent’s estate. The District of Columbia provides for a similar exemption from its required property disclosure statute, however, only fiduciaries who do not live in the property are exempt from providing a disclosure statement. In both jurisdictions, however, an heir of the estate who takes title to the property, but decides to sell the property without ever having lived in the property, must provide the purchaser with a property disclosure statement. If the property is in Maryland, the seller may choose to provide the purchaser with a disclaimer statement, instead.
If you have any questions about selling a property held by an estate or about property disclosures, contact one of the attorneys listed here.
For more information regarding our Residential Real Estate Settlements Group or our general real estate transactions and litigation practice, please contact the Group Chair at tel:+1-301-230-6574 or email@example.com.
This publication/newsletter is for informational purposes and does not contain or convey legal advice. The information herein should not be used or relied upon in regard to any particular facts or circumstances without first consulting a lawyer.