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
Tax deduction for interest paid or accrued within the taxable year with respect to mortgage indebtedness. Interest is deductible on mortgages secured by principal and second homes. A ...
Commissions received by a syndicator when real property is sold. The fees typically occur after the investors receive their initial investment plus the specified return. ...
Situation in which very few prospective buyers of real estate are rejected by lenders. This may be due to ample money supply, lower interest rates, and/or relaxed credit standards. See also ...
The number of units currently occupied in a facility, neighborhood, or city, stated as a percentage of total capacity. For example, a hotel has 80 rooms available for guests. Its average ...
Type of material or substance typically made for railings around the outdoor front patio and for both sides of the stairs in the front and rear of house. Other examples are chairs and ...
(1) Surrendering voluntarily or involuntarily ownership of property or an interest therein. (2) Court order to give up possession or the right to property such as in the case of an ...
Structure of prefabricated units. ...
Unimproved property. It has no utilities, sewers, streets, or structures and usually must be cleared. ...
Defect in the tax law that either may provide a loophole to minimize the tax payment or result in higher taxes than there should be. ...
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.