Real Property - Implied Warranties - Incomplete or Missing Improvements
The proposed legislation aims to clarify and limit the responsibility of sellers regarding implied warranties in real estate transactions. By excluding improvements that were incomplete or not present during the sale, the bill allows sellers to avoid liability for defects or issues that may arise post-sale, thereby offering them a level of protection and flexibility. This shift could have significant implications for buyers, as they may need to conduct more rigorous inspections or negotiations before finalizing property purchases.
House Bill 1537 seeks to amend existing Maryland real estate law concerning implied warranties related to property improvements. Specifically, it stipulates that the warranties which typically guarantee the quality and fitness of improvements made to real property do not apply if certain conditions are met. These conditions include instances where properties are sold with incomplete or missing improvements at the time of the deed delivery.
Notably, the bill may not be without its critics. Opponents might argue that the removal of implied warranties for incomplete improvements could harm buyers, especially first-time homeowners who may not have the knowledge or resources to identify issues effectively. Critics may also contend that this bill undermines consumer protection laws designed to safeguard buyers in real estate transactions. It is important for discussions to arise concerning the potential imbalance this bill creates between buyer protections and seller liabilities.