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In construction contracting, a latent defect is defined as a defect which exists at the time of acceptance but cannot be discovered by a reasonable inspection. [2]In the 1864 US case of Dermott v Jones, the latent defect lay in the soil on which a property had been built, giving rise to problems which subsequently made the house "uninhabitable and dangerous".
Assessed value: The value of real estate property as determined by an assessor, typically from the county. "As-is": A contract or listing clause stating that the seller will not repair or correct ...
A regulated developer is to provide each purchaser with a disclosure document called a Property Report. The Property Report contains relevant information about the subdivision and must be delivered to each purchaser before the signing of the contract or agreement and gives the purchaser at a minimum a 7-day period to cancel the purchase agreement.
Marketable title (real estate) is a title that a court of equity considers to be so free from defect that it will legally force its acceptance by a buyer. Marketable title does not assume that absolute absence of defect, but rather a title that a prudent, educated buyer in the reasonable course of business would accept.
If you're in the market for purchasing a home, you've likely done plenty of research on everything from mortgage options to negotiation tips on trying to close a property. There's plenty of time...
Building contingencies into the contract: Most real estate contracts have contingencies that give sellers cause to back out. For instance, the seller may say they will only sell their property if ...
Often, the discovery of a cloud on title will provide the grantee a reason to back out of a contract for the sale of real property. [ citation needed ] Some documents that affect title may be considered clouds, but nonetheless are unlikely to affect marketability or resale, such as with covenants, conditions and restrictions in a homeowners ...
A warranty deed is a type of deed where the grantor (seller) guarantees that they hold clear title to a piece of real estate and has a right to sell it to the grantee (buyer), in contrast to a quitclaim deed, where the seller does not guarantee that they hold title to a piece of real estate.