Asbestos is a mineral fiber that was once commonly used in a variety of building construction materials for insulation and as a fire-retardant. While its use has declined since the late 20th century due to health concerns, the presence of asbestos in older buildings remains a significant issue due to its potential health risks.
Lead is a toxic metal once commonly used in construction materials such as plumbing pipes and paint, but now it is identified as a hazardous substance. Its presence in property necessitates special disclosures during transactions.
A material fact is information that is critical to understanding a situation or making an informed decision. In the context of real estate, it refers to details about a property that can influence a buyer's or seller's actions, such as structural problems, zoning changes, or environmental hazards.
Misrepresentation in real estate involves an untrue statement, whether unintentional or deliberate, affecting material facts about a property. This can lead to legal actions such as damages or rescission of the contract.
