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Mandated Disclosure1

Mandated Disclosures

Material Face Any fact about a property that might influence the decision of a purchaser
Stigmatized property Any property where there has been a murder, alleged haunting, or in the vicinity of the residence of a known sexual offender
Megan's Law A federal law requiring all states to release information to the public about known convicted sex offenders when necessary to protect the publics safely
Puffing Marketing using adjectives and opinions-not facts or details
Seller's Disclosure A statement of property condition provided to prospective buyers by the seller
Federal Interstate Land Sales Full Disclosure Act A federal law regulating the sale of land in one state to buyers in another state with the purpose of preventing fraud in the marketing of land-developers must provide a property report to prospective buyers and tenants
HOW Program A 10 year warranty plan from the home owners warranty corporation covering defects in material, faulty workmanship and structural problems, available on new construction
Home Warranty Insurance A one year renewable policy for home buyers of existing homes conveying such items as heating, air conditions, electrical, plumbing and appliances
Radon A naturally occurring colorless and ordorless gas produced by the decay of radioactive materials in rocks under the ground
Created by: Shirilyn
Popular Real Estate sets




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