Welcome back to weekly word wizard ! This week, we will discuss about Disclosure.
- Disclosure and Informed Consent: Establishes the relationship between client and agent in writing, and discloses the agent’s ties to a broker or agency.
- Property Condition Disclosure Form: The seller produces the property condition disclosure form to the buyer, disclosing any defects or damage to the structure or surrounding areas of the property.
- Truth-in-Lending Disclosure: The bank’s legal obligation to respond to a buyer’s loan application, detailing the loan repayment schedule and amount, plus fees and interest, within three business days.
- Title Insurance: The buyer typically pays for title insurance to protect the lender or homeowner from any undisclosed ownership claims or fraud related to the property in question.