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
Sewer system built into the streets of a neighborhood that is capable of accommodating the excess water flow of a heavy storm without backing up or flooding. ...
method of land description that identifies a parcel by specifying its shape and boundaries. ...
An deir to an individual who died intestate and is entitled, under the distribution statute, to a portion of its proceeds. After all claims against the estate are satisfied, the ...
A situation that occurs when borrowed funds cost more than they produce. ...
Written agreement, guarantee, pledge, or promise annexed to the land between two or more parties to do or not to do something and is transferred to successive title holders. For example, in ...
Suppose you are a house hunter, buyer, seller, realtor, or investor. In that case, you've probably come across the term "Gross Rent Multiplier" or GRM. But what exactly is it? Let's shed ...
Device that places the ownership of real property with one or more trustees for security until the loan is paid by the debtor. It is used in place of a conventional mortgage contract in ...
Bond given by a building contractor to a public authority and guaranteed by a third party, usually a bonding company, that a contracted construction project will be completed within the ...
A saving bank owned by its depositors. They are mostly located in the northwestern United States and are an important supplier of real estate financing. All mutual savings banks are state ...
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.