Legal Question in Real Estate Law in Maryland
Real estate disputes
I am a non Maryland resident and have listed my Maryland home for sale The Sellers Estimated Cost made no mention of the Maryland non resident sales tax (even though this is itemized on the contract). This is 6% of the principal paid off, which in my case is 100% on 250,000$ home.
Does this omission in any way constitute breach of good estimate or am I the seller liable/legally responsible for knowing this information (which I did not) at the time signing the listing agreement?
ps; The agent has procured an offer for the 250,000 list price but it is reasonably priced and my gut tells me I am entitled to ask for more...is this right, wrong or in a gray area?
1 Answer from Attorneys
Re: Real estate disputes
First of all, there is no such tax. However, when a non-resident sells a MD property that was not his principal residence, the settlement firm is required to withhold part of the proceeds against any income tax that might be due as a result of the transaction. This information would not be typically disclosed by a realtor.
To answer your second question, you are not legally obligated to accept any offer, even one that meets the listing price. If you think you underpriced your property and can attract higher offers in the worst season of what is already a slow seller's market, you can withdraw your listing and re-list for a higher price.
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