A disclaimer deed is a deed in which a spouse disclaims any interest in the real property acquired by the other spouse. A mortgage company often asks a borrower to sign a disclaimer deed so that his spouse not having her name on the loan, cannot claim any interest in the property.
Maryland Disclaimer Deed
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Multi-State
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US-01994BG
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Word;
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FAQ
Code § 10-702, requires sellers of residential real estate to complete a form?known as the Residential Property Disclosure and Disclaimer Statement?setting forth conditions and defects with the property.
When a person files a disclaimer he can disclaim all or any portion of the inheritance. It is not an ?all or nothing? proposition. For example, if the estate was $500,000, the beneficiary could disclaim $100,000 so that amount would pass to his children. The beneficiary would retain the remaining $400,000.
Section 10-702 of the Real Property Article, Annotated Code of Maryland, requires the seller of certain residential real property to furnish to the purchaser either (a) a RESIDENTIAL PROPERTY DISCLAIMER STATEMENT stating that the seller is selling the property "as is" and makes no representations or warranties as to ...
Maryland is somewhat unique in that sellers can choose between either giving the buyer a disclosure of known defects or a disclaimer as to the condition of the house (but not both). In the latter case, you would be selling the property "as is," but must at least mention any known latent defects.
Before execution of a residential sales contract, the seller or his or her broker is required to deliver the statutory to the buyer, which contains a checklist to give notice of problems or potential problems with the property.
C) the seller. - Most states require the seller to complete a property condition disclosure. The listing broker should review the disclosure form and question the seller about any items that are incomplete. The disclosure does not replace the need for a property inspection to be conducted on behalf of the buyer.
A disclaimer of a legacy, intestate share, survivorship interest, or other interest in or a power over a decedent's property shall be in writing or other record and shall (1) describe the interest or power disclaimed, (2) declare the disclaimer, (3) be signed by the person making the disclaimer, and (4) be acknowledged ...
The seller must complete a disclosure statement; the licensee is responsible for advising the seller of this duty and providing an appropriate form for the seller's use. Agents should caution sellers to make truthful disclosures to avoid litigation arising from fraudulent or careless misrepresentations.
