A seller discloses on the property disclosure form that the basement has had water intrusion in the past and shows the buyer the waterproofing system that was installed. What disclosure principle has the seller followed?
Correct Answer
C) Disclosure of known material facts
The seller has properly disclosed a known material fact (water intrusion history) and the corrective action taken, allowing the buyer to make an informed decision.
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- → What is the 'Annual Percentage Rate' (APR) as disclosed on the Loan Estimate and Closing Disclosure?
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- → Under TRID, all of the following are included on Page 1 of the Loan Estimate EXCEPT.
- → Under TRID, all of the following pieces of information trigger the lender's obligation to provide a Loan Estimate EXCEPT.
- → A borrower wants to waive the three-business-day waiting period after receiving the Closing Disclosure because an emergency requires the borrower to move into the property immediately. Under TRID, can the borrower waive the waiting period?
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