Real Estate Term of the Day: Liquidated Damages LIQUIDATED DAMAGES – an amount agreed upon on in a contract that one party will pay the other in the event of a breach of contract (Barron’s Dictionary of Real Estate Terms) According to Section 21 of the Colorado Real Estate Commission approved Contract to Buy and Sell Real Estate, liquidated … More Real Estate Term of the Day: Liquidated Damages
Real Estate Term of the Day: Legal Description & Lot and Block LEGAL DESCRIPTION – legally acceptable identification of real estate by one of the following: Metes and Bounds or recorded plat (Lot and Block Number) (Barron’s Dictionary of Real Estate Terms) LOT AND BLOCK NUMBER – a method of location a parcel of land (Barron’s … More Real Estate Term of the Day: Legal Description & Lot and Block
Real Estate Term of the Day: Lead-Based Paint LEAD-BASED PAINT – considered a hazardous material. It is potentially poisonous and its existence in property is to be disclosed to a buyer. Its presence is often difficult to determine because applications of lead-based paint may have been covered by more recent paint applications that are free … More Real Estate Term of the Day: Lead-Based Paint
Real Estate Term of the Day: Latent Defects LATENT DEFECTS – flaws that are hidden but are apt to surface later. (Barron’s Dictionary of Real Estate Terms) In a Colorado real estate transaction, a seller typically uses the Colorado Real Estate Commission approved Seller’s Property Disclosure to disclose material latent defects. The Seller’s Property Disclosure has 13 sections regarding … More Real Estate Term of the Day: Latent Defects
LESLIE MONACO REAL ESTATE 