Property Disclosures

Agency Disclosure Statement

Form that states whether an agent is representing the seller or the buyer, or both, in a transaction.

Joint and several liability

Persons are individually held liable for damages along with the group

Strict Liability

When someone is held legally responsible for an injury to another, even though they did not act negligently.

Latent Defect

A defect that is not visible or apparent; a hidden defect that would not be discovered in a reasonably thorough inspection of property.

Disclosures

Points or facts that must be revealed.

Disclosure Statement

A document, required by law, which reveals specific information. For example, federal law requires that lenders give buyers this document detailing the actual cost of borrowing money from the lender.

Untenantable

Not fit for occupancy. (Used to describe rental property.)

Waste

Destruction, damage, or material alteration of property by someone in possession who holds less than a fee estate (such as a life tenant or lessee).

Radon Gas

A naturally occurring radioactive gas that emanates from rocks; it is odorless, colorless and tasteless but has been identified as a cancer-causing agent.

Stigmatized Property

A property is undesirable to most people because of a past event (often a crime or environmental hazard).

Asbestos

A fibrous material that was once very common in many building materials because of its insulating and heat-resistant value. (Now banned in most places for most uses, and subject to strict EPA regulations.)

RESPA

Real Estate Settlement Procedures Act, a federal law dealing with real estate closings which sets forth specific procedures and guidelines for disclosure of settlement costs.