Property Condition, Disclosures, Inspections and Warranties
This deck covers key concepts related to property conditions, disclosures, inspections, and warranties, including the principle of caveat emptor and the details of a CLUE report.
Sellers aren’t obligated to point out the home’s flaws or defects to buyers.
caveat emptor
Key Terms
Sellers aren’t obligated to point out the home’s flaws or defects to buyers.
caveat emptor
A report not only helps home insurance underwriters, but it can also help buyers determine whether a particular property has hidden issues (and whether it may be difficult or expensive to obtain insurance). A CLUE report contains:
Insurance company names and policy numbers
Claim information, including dates, loss types, and loss payments
Comprehensive Loss Underwriting Exchange, or CLUE, report.
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| Term | Definition |
|---|---|
Sellers aren’t obligated to point out the home’s flaws or defects to buyers. | caveat emptor |
A report not only helps home insurance underwriters, but it can also help buyers determine whether a particular property has hidden issues (and whether it may be difficult or expensive to obtain insurance). A CLUE report contains: Insurance company names and policy numbers | Comprehensive Loss Underwriting Exchange, or CLUE, report. |