Latent Defect
Definition of "Latent defect"
A hidden or overlooked defect that may manifest itself at a later point in time. For example, a defect in a water pipe is not immediately discovered, and it later results in a massive water pipe failure resulting in severe flooding and water damage.
Popular Real Estate Terms
Legal order for a person to present at a deposition or trial documents in his possession, such as related to a real estate transaction. ...
Legal contract in which the lender controls the pledged property being financed. The agreement describes the property and its location. Of default occurs, the lender may sell the ...
Individual who has a legal obligation to pay money to another. ...
Loan in which two or more lenders participate in the total financing of a single mortgage. The lenders in a piggyback loan do not necessarily have equal shares. ...
Detailed financial accounting of all the credits and debits for the buyer and seller upon consummation of a real estate sale. ...
Levied on those benefiting from the installation of a sewer. ...
(1) Reconciling the records to show agreement. (2) Agreement of the records to physical amounts. ...
Unlimited interest in property. A freehold estate may be a fee simple or file estate. Freehold estate includes freehold in deed, a fee simple estate; freehold in law, an inheritable estate; ...
Claim made by a federal or local government agency against a taxpayer's property for delinquent or overdue taxes. The tax lien is effected through tax assessment, demand, and failure to ...
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