Definition of "Erosion"

Tanya Buccolo real estate agent

Written by

Tanya Buccoloelite badge icon

Douglas Elliman

Gradual deterioration of land due to nature such as because of floods, hurricanes and storms. Gradual decline in the value of real estate because of poor market and economic conditions.

Comments for Erosion

Ruben Ruben said:

Is erosion a valid reason to get out of a real estate transaction?

Jun 28, 2019  14:02:59

 
Real Estate Agent

Hi, Ruben! In real estate, buyers find themselves in a situation known as "information asymmetry". What does this mean? It means that the sellers know more about their property than the buyers. Erosion is definitely something you should be informed of. You may find about it after an inspection or from the seller disclosure forms. Nevertheless, homebuyers can decide to cancel the transaction if they find anything wrong with the property. Floodings and landslides due to erosion are dangerous because they may result in material losses and even death. Getting out of a real estate transaction during escrow should allow you to recover all your earnest money

Jul 01, 2019  03:42:07
 
 
image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

When we talk about adverse environmental impacts, we always refer to the man-made negative impact on the environment. An adverse environmental impact can be defined as negative changes that ...

Interest computations based only on the original principal. For example, the simple interest on a $100,000, 8% loan is $8,000. It is compared with compound interest which is applied to the ...

Legal order for a person to present at a deposition or trial documents in his possession, such as related to a real estate transaction. ...

The substitution of one person or business for another when the substituted person or business has the same rights and obligations as the original party. An insurance company can surogate ...

Timeshare homes is the popular name given to the concept of fractional ownership in real estate, and, in fact, is a better term to explain its meaning.Why?Well, fractional ownership means ...

The direction in which a community is growing. Directional growth is measured over time, and its path strongly influences current and future market values of those properties clearly in ...

The value of property subject to tax. The tax equals the tax rate multiplied by the property's value. ...

Items of real and personal property that usually have a long life, such as housing and other real estate. ...

The term actual notice is used most often in connection with property law, but the concept can also be applied in other law areas. To define actual notice, we can look at the two major ...

Popular Real Estate Questions