Definition of "Erosion"
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.
Popular Real Estate Terms
Capability of a party to enter into a contract such as having the financial and physical resources as well as mental competency to meet contractual commitments. ...
Repairing the street for safety and attractiveness. In some localities, such as on Long Island, the home owner is responsible for properly maintaining the street surrounding his home. ...
The appellant definition references a concept related to legal proceedings. The appellant is the individual who is dissatisfied with the judgment in a lawsuit and asks for a superior court ...
Ask Price is the initial listed price for a piece of real estate.It’s important to understand that, in the real estate world, there’s no such thing as a fixed price when buying ...
Claim by a real estate broker that his or her actions were the principal cause of the completion of a property sale between two parties. A successful procuring cause claim would entitle a ...
Property taken over by the government because the owner has failed to pay taxes on it. The property may revert back to the owner when the taxes are paid. If not, the government may sell the ...
An individual appointed by a court to manage the affairs and property of a legally incompetent party. The conservator has full decision-making authority over the affairs of the property in ...
A person has the option of canceling a contract previously agreed to. ...
Derogative term describing a high-pressure telemarketing office where sales personnel often use extremely exaggerated claims as well as intense sales practices to convince targets clients ...
Comments for Erosion
Is erosion a valid reason to get out of a real estate transaction?
Jun 28, 2019 14:02:59Hi, 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 03:42:07Have a question or comment?
We're here to help.