What is a material fact?
Posted by: raindrop 8 years, 5 months ago
A material fact in real estate is anything that a reasonable person would consider germane to deciding whether to purchase a property.
These material facts must be included in any related disclosures. If there is not a specific disclosure that discusses the material fact, the Seller must notify the Buyer, in writing, of this fact.
Some examples of material facts include: prior reports or inspections relating to the property, information on a roof or pipe leak, any ongoing litigation, etc.
Oftentimes Sellers forget about details that they may not consider material facts, so the disclosures help refresh their memory.Share on Twitter Share on Facebook
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Latest NewsJanuary 17, 2020 FAQ Friday: Exciting New VA loan benefits! January 10, 2020 FAQ Friday: Can the Buyer back out? January 6, 2020 Restaurant Spotlight: Rosemary Trattoria - Authentic, Family Friendly Italian READ MORE
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