Real,Estate,Forms,Help,Decifer business, insurance Real Estate Forms Help Decifer What Is Stigmatized Property
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Inreal estate there are many forms that for many different situationswithin selling and buying transactions. There is a form that theresidential seller customarily completes in most places around thecountry, stating what the condition is for the various systems'components of the home, and the home's structural condition. Thecourts, and many court cases side with the buyer, and have proclaimedthat the buyer has the right to know if there are any issues materiallyaffecting the value of the residential lot, field or dwelling. However,there is one area that is not looked at, and in which the seller doesnot have to disclose: if the property is stigmatized property.Now for the definition. A property is stigmatized if some unique eventcreated a psychological impact on the property, but not a materialimpact. Examples of stigmatized property include a suicide on thepremises, a drug-related arrest, some horrible event, or the homeconsidered to be haunted by ghosts. It may also have been the dwellingof some famous individual in history. None of this has to do with thefunctionality of the property, and the material nature thereof.Therefore, the information relating to a stigmatized property is nogrounds for disclosure on legal forms within the real estatetransaction. A person living or having lived in a home may havesuffered a horrible disease, but, that has nothingto do with the proper functioning of the home's operational systems,such as plumbing, electrical, air conditioning, kitchen appliances. Theissue is more psychological than material, and the courts are onlyconcerned with the material nature, and value of the property on themarket. There is no signs that it will be required for a homeowner, inthe future, to reveal issues non-material to the home's value.
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