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9 Cards in this Set
- Front
- Back
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Disclosure Form |
Does not indemnify seller against unknown defects, but does protect seller against disclosed defects. |
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Latent Defects |
Are not visible or apparent. |
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Agent Disclosure |
States that the agent must divulge any known material defects in property, representation in writing, and any conflicts of interest. |
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Stigmatized Property |
A property with a stigma attached to it due to the previous owner or owners. |
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Home Warranty |
Provides protection to the buyer after the sale, usually covering important aspects of the home such as HVAC and other appliances. |
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Home Inspection |
A. Good idea but not required by law. B. Dramatically reduces lawsuits between seller, buyers, and agents. C. May allow the buyer to withdraw from the contract if the property does not pass inspection and the buyer does not accept the property in the disclosed condition. D. Contract may allow seller to correct defects or offer monetary assistance. |
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Psychologically Impacted Property (AKA Stigmatized Property) Examples |
A. Major crime or concern occurred at or within the property. Not required to be disclosed to purchasers in most states. B. Previous occupant has AIDS or HOV positive. Disclosure is illegal under federal law. C. Ghosts are not legally considered to be a material fact. |
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New Home Warranty |
Usually reserved for newly built homes, and are often backed by the builder or purchased by the builder through an independent warranty company. |
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Megan's Law |
A. Laws concerning known sex offenders B. Law varies widely among states 1. Some states ignore 2. Some states require disclosure of possibility 3. Some states require disclosure of sex offenders in neighborhoods 4. Some states require disclosure in contracts of where information can be found about sex offenders and leave it up to the buyers. |
