The Greater Capital Area Association of Realtors, Inc. has created a form entitled "Montgomery County Notice and Disclosure Addendum" which includes certain notices and disclosures specific to Montgomery County, and modifies certain provisions of the statewide contract form. Summarized below is a brief description of the various provisions of this Addendum. It is essential that this Addendum be utilized with Montgomery County transactions.

Legal Description of Property — Completing this section helps alleviate any uncertainty as to the property to be conveyed, and assists the settlement attorney in preparing for the closing.

Master Plan Disclosures — Montgomery County law requires notice to the Buyer of the Buyer's right to review the Master Plan for the area surrounding the property. The Master Plan shows the planned land uses, roads, parks and other public amenities. Master Plans are available at most libraries or through the County government.

Transfer and Recordation Taxes Transfer Charges — This provision permits the parties to the Contract to negotiate and specify who is paying the recordation and transfer taxes.

Agricultural Land Transfer Tax and Deferred Transportation - Related Charges — The Seller shall pay these charges, where applicable. This provision is contradictory to Paragraph 38 of the Maryland Contract. Under Maryland law, the terms of the Addendum will govern the responsibility for payment of these charges.

Subdivision Plat — The Buyer is entitled to a copy of the recorded subdivision plat prior to, or at settlement.

Notice and Disclosure of Availability of Water and Sewer Service — An Addendum is required wherein the Seller will disclose the availability of public water and sewer services.

Notices — All notices, disclosures and addenda must be in writing and are considered to be "given" at the time the notice is delivered to the party or that party's agent.

General Provisions — This paragraph specifies that the terms of the contract survive settlement and contains provisions for compensation to the real estate brokers.

Condominium Association Approval — This section requires the Seller to present the Contract to the Condominium Board in the event the Board has a first right of refusal or the right to approve or disapprove the sale.

Notice and Disclosure of Airports and Heliports — The Buyer is entitled to notice of all airports or heliports within 5 miles of the property.

Time is of the Essence — Unless every party initials to remove "Time is of the Essence", then each date specified in the Contract is firm and no delays or extensions will be permitted.

Performance — Settlement shall be held by the Settlement Company examining title for the Buyer.

Buyer Agent — The Buyer's Agent signs this Addendum indicating acceptance of Seller's offer of compensation.

Financing Provisions — The Buyer must apply for financing within 7 days of Contract acceptance, and further agrees to diligently pursue obtaining a loan. If the Buyer cannot obtain a written loan commitment within the contingency period, then the Seller may declare the Contract null and void by giving the Buyer written notice.

Settlement Entity — The Purchaser is given the option to specify the settlement company they wish to use to examine title and conduct closing. Paragraph 15 can be completed by inserting the words "Village Settlements, Inc." in the blank.