MARYLAND CONTRACT OF SALE and MAKING OFFERS

In Maryland, all offers must be in writing. Important components of a contract must be in writing so that the buyer and seller each understand clearly what they are signing. Some parts of a contract that would be included and would affect the bottom line to the buyer and seller are:

• Identity of Buyer(s) and Seller(s)
  
• Description of the Property
  
• Purchase Price
  
• Earnest money (initial deposit) made with offer and held by the broker until settlement.
  
• Financing terms and conditions
  
• Any closing help requested of the Seller(s) by the Buyer(s)
  
• Date of settlement
  
• Conveyances - - Fixtures and appliances that stay with the home, lighting fixtures, refrigerator, etc.
  
• Exclusions - - Often the Seller(s) will want to take the washer and dryer with them, or want to take a favorite shrub.
  
• Inspections -- Termite, home inspection, radon inspections, and others.
  
• Condominium or Home Owner Association documents
  

PROPERTY CONDITION
It is a little understood fact that Maryland real estate conveys "as is". That means simply that, unless stated in the contract by addendum and agreed to by all parties, what you see when you sign a contract to buy a piece of real estate in Maryland is what you are going to pay for at settlement. See the paragraph below excerpted from the Maryland Contract of Sale.

12. CONDITION OF PROPERTY AND POSSESSION: At settlement, Seller shall deliver possession of the Property and shall deliver the Property vacant, clear of trash and debris, broom clean and in substantially the same condition as existed on the date of Contract Acceptance. All electrical, heating, air conditioning (if any), plumbing (including well and septic), and any other mechanical systems and related equipment, appliances and smoke detector(s) included in this Contract shall be in working condition. Buyer reserves the right to inspect the Property within five (5) days prior to settlement. EXCEPT AS OTHERWISE SPECIFIED IN THIS CONTRACT, INCLUDING THIS PARAGRAPH 12, THE PROPERTY IS SOLD "AS IS".

MARYLAND IS AN "AS IS" STATE.
No doubt about it, it's in writing. If you are very uncomfortable with buying "AS IS" real estate, you should limit your search to new construction. However, we, as your agents, make sure you get the very best house for your money and that mechanicals, appliances, roofs, foundations etc. are in proper operating order. See Home Inspections

Properties that are in need of upgrading or extensive repair may be offered for sale by "AS IS" only. This means that the seller will make no repairs and the property has usually been discounted for condition. All of these factors are considered when making your offer to purchase the property. Our agents are very skilled in determining general condition for the market, age of the property, location and other factors that affect price. We will provide you with recent comparable sale information when it is available to help you understand the approximate value of the property in which you have an interest. We can't tell you how much to pay for a property, but we can give you the tools with which to make good decisions.

MARYLAND IS A VERY FAST MOVING, COMPETITIVE REAL ESTATE MARKET PLACE.
Good homes sell fast and often at a substantially higher price than the list price. Smart buyers will take this fact into consideration when purchasing a home. Maryland is a seller's market and will likely continue to be for some time. The important thing is that you handle your real estate purchase with intelligence and vigor and DON'T LET THAT GREAT HOME GET AWAY FROM YOU.

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