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.
Key Terms
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
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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. |