Who can close a real estate transaction under state law?

Sellers often understate expenses to support a higher price.

However, if you pay retail, don't understand cash flow, and don't understant how to deal with tenants, you may need tens of thousands of dollars to cover your losses (this can happen with rehabs and flips also).

Uh-oh, big surprise: NAR has fudged up data to hide the magnitude of the collapse:

http://news.yahoo.com/s/nm/20110222/ts_nm/us_usa_economy_housing

This might be something specific to Maryland that these even exist, but under state law if the amount of these private utilities are not disclosed, the seller has to pay the full amount of them and all additional years remaining on the bond. 

If you're selling your owner occupied home you're most likely exempt under state law which an allowed exemption under the SAFE Act.

The property I purchased was overstated on ARV and understated on rehab.

Don't pay attention to numbers provided by professional real estate sellers and listing brokers, they understate expenses when pitching properties, it's how they make sales.

Ground game cannot be understated.

This highly specific under state law.