Definition of "Erosion"

Deanna Vela real estate agent
Deanna Vela, Real Estate Agent Real Estate Matsers Group

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.

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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
 

 

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