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Real Estate Forms Help Decifer What Is Stigmatized Property

Having stigmatized property can put you in a very sticky situation. Read below to see if your property fits this description.

In real estate there are many forms that for many different situations within selling and buying transactions. There is a form that the residential seller customarily completes in most places around the country, stating what the condition is for the various systems' components of the home, and the home's structural condition. The courts, and many court cases side with the buyer, and have proclaimed that the buyer has the right to know if there are any issues materially affecting the value of the residential lot, field or dwelling. However, there is one area that is not looked at, and in which the seller does not have to disclose: if the property is stigmatized property. Now for the definition.

A property is stigmatized if some unique event created a psychological impact on the property, but not a material impact. Examples of stigmatized property include a suicide on the premises, a drug-related arrest, some horrible event, or the home considered to be haunted by ghosts. It may also have been the dwelling of some famous individual in history. None of this has to do with the functionality of the property, and the material nature thereof. Therefore, the information relating to a stigmatized property is no grounds for disclosure on legal forms within the real estate transaction. A person living or having lived in a home may have suffered a horrible disease, but, that has  nothing to do with the proper functioning of the home's operational systems, such as plumbing, electrical, air conditioning, kitchen appliances.

The issue is more psychological than material, and the courts are only concerned with the material nature, and value of the property on the market. There is no signs that it will be required for a homeowner, in the futureFind Article,  to reveal issues non-material to the home's value. 

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR


James is a leader in writing about legal forms and agreements that may assist you when you are in the search of the right legal document. He writes many articles about forms ranging from, real estate forms, landlord tenant forms, tax forms and most any legal form that your searching for.



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