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
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Deed used to convey property back to the original property owner. Normally a reconveyance deed is issued upon the satisfaction of a property's mortgage. ...
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Insurance or maintenance policy taken out by a buyer of real or personal property. ...
Penalty charge in order to cure a previous wrong. ...
Net amount received when property is sold. It equals the selling price less outstanding mortgage balance less all costs incurred in connection with the sale. These expenditures include ...
Legally executed and witnessed document giving another the power to act as one's attorney or agent in handling real estate dealings. The power may be general or specific. The power of ...
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Fibrous, fire-proofing material that was used in buildings and homes for insulation. ...
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?
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