Property Disclosures Glossary

As-Is Sale

A sale in which the seller does not promise repairs, though known material defects must generally still be disclosed.

Caveat Emptor

A legal doctrine meaning 'let the buyer beware,' historically limiting a seller's disclosure obligations, though largely eroded in modern practice.

Duty to Disclose

A seller's or agent's legal obligation to reveal known material facts affecting a property's value or desirability.

Environmental Site Assessment

A study conducted to identify potential or existing environmental contamination on a property.

Latent Defect

A hidden property problem not discoverable through a reasonable inspection, which must be disclosed if known.

Material Fact

Any fact that could reasonably affect a buyer's decision to purchase or the price they are willing to pay.

Patent Defect

A property problem that is obvious or readily discoverable upon a reasonable inspection.

Seller's Property Disclosure Statement

A form on which a seller discloses known material facts and defects about the condition of the property.

Stigmatized Property

A property whose value may be affected by a non-physical, psychological factor such as a past crime.

Study the concepts behind these terms: Property Disclosures study guide