Duty to disclose refers to the legal obligation of a seller, broker, or agent to inform a prospective buyer or interested party about any negative condition or material fact that could influence the property's value or a buyer's decision.
Latent defects are hidden flaws in a property that are not apparent at the time of purchase or during an initial inspection but may reveal themselves later, often causing significant issues.
A Property Report is a mandatory document for the sale of subdivisions of 50 lots or more, as required by the Interstate Land Sales Full Disclosure Act (ILSA). This report must be filed with the Office of Interstate Land Sales Registration (OILSR) under the U.S. Department of Housing and Urban Development (HUD).
