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Condominium Seller Disclosure/Resale Addendum for Maryland (Recommended for the Listing Agreement and required for either the Regional Contract or the MAR Contract) Address City Block/Square: Parking

How to fill out condominium resale disclosureaddendum for

How to fill out condominium resale disclosure addendum:

1. Gather all necessary documents: Before filling out the condominium resale disclosure addendum, make sure you have all the relevant documents related to the resale of the condominium. This may include the original sale agreement, any amendments, financial statements, bylaws, rules and regulations, and any other pertinent information.
2. Read the addendum carefully: Take the time to carefully read through the condominium resale disclosure addendum. Understand the purpose and intent of each section to ensure accurate completion.
3. Provide seller information: Start by providing the seller's full legal name, contact information, and the address of the condominium unit being sold. If there are multiple owners, include all their details.
4. Fill in buyer information: Enter the buyer's complete name, contact details, and any other relevant information regarding their purchase.
5. Disclose any outstanding liens or assessments: Indicate if there are any outstanding liens, assessments, or unpaid fees associated with the condominium unit. Be transparent and accurately disclose any financial obligations that may exist.
6. Report any pending litigation or legal proceedings: If there are ongoing lawsuits or legal matters related to the condominium, disclose them in this section. Provide a brief description of each case if applicable.
7. Document any known defects or issues: Carefully document any known defects or issues with the condominium unit, including structural, mechanical, or safety concerns. Be thorough and honest in your disclosure to ensure informed decisions by potential buyers.
8. Disclose any rental or leasing restrictions: Condominium associations often have specific rules and regulations regarding renting or leasing units. Provide details on any restrictions or requirements related to rental agreements.
9. Complete the acknowledgment and signature section: Ensure all necessary parties sign and date the disclosure addendum. This typically includes the seller, buyer, and any representatives involved in the transaction.

Who needs a condominium resale disclosure addendum:

1. Sellers: Sellers of condominium units are typically required to provide a resale disclosure addendum to potential buyers. This document is important for ensuring transparency and informing buyers about any known issues or restrictions associated with the condominium.
2. Buyers: Buyers of condominium units benefit from reviewing the resale disclosure addendum to make an informed decision about their purchase. It provides valuable information about the condition of the unit, any ongoing legal matters, and any financial obligations they may inherit.
3. Condominium Associations: Condominium associations often require sellers to complete the resale disclosure addendum to maintain transparency within the community. This helps protect the interests of current residents and provides potential buyers with essential information.

For pdfFiller’s FAQs

What is condominium resale disclosure addendum for?

Condominium resale disclosure addendum is a document that provides important information about the resale of a condominium unit, including any known issues or restrictions.

Who is required to file condominium resale disclosure addendum for?

The seller of a condominium unit is typically required to file the condominium resale disclosure addendum.

How to fill out condominium resale disclosure addendum for?

Condominium resale disclosure addendum is typically filled out by the seller with the assistance of their real estate agent or attorney.

What is the purpose of condominium resale disclosure addendum for?

The purpose of the condominium resale disclosure addendum is to provide potential buyers with relevant information about the condominium unit.

What information must be reported on condominium resale disclosure addendum for?

Information that must be reported on the condominium resale disclosure addendum typically includes any known defects, upcoming assessments, or any pending legal actions.

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