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.
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 future, to reveal issues non-material to the home's value.
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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.