Legal Question in Real Estate Law in Maryland

''As Is'' Sale of Real Property

My husband (now deceased) bought a piece of property at auction and ''as is'' for investment--a wooded lot in a subdivision of Anne Arundel County. I recently had the property appraised. The appraiser said that the next-door home owner informed him that the property had a sink hole and was built on fill dirt. The appraiser noted this in his written report. Further, checking with the county, the appraiser found that the property had not perc'd on two previous attempts. I tried to give the property to a couple of charities. I even considered giving it to a building contractor until IRS informed me (perhaps erroneously?) that I couldn't deduct the property as a capital gains loss on my taxes if I gave it away or returned it to the county by refusing to pay the real estate taxes. My question twofold: Can I sell the lot at auction ''as is'' without revealing the appraisal? If I can't find a buyer, can I give it away and take a loss of some sort on my state and federal taxes?

I hope you can help. Many thanks for this and for your past answers!


Asked on 8/27/02, 6:57 am

1 Answer from Attorneys
G. Joseph Holthaus III Law Offices of G. Joseph Holthaus

Re: ''As Is'' Sale of Real Property

If you want to give the property away and take the benefit as a charitable deduction, you are free to do this. However, there may be other options to consider. Depending on the county, there is a process to donate the land and designate it for open land and this would entail a different appraisal. Please feel free to forward information on the county and location of the property. I am available to assist you.

G. Joseph Holthaus, Esq.

(410) 799-9002 (leave message)

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Answered on 9/02/02, 8:07 pm


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