Property Disclosure

Latent Defect
A latent defect is a defect that is hidden from knowledge as well as from sight and one that would not be discovered even by the exercise of ordinary and reasonable care. One who sells a house with knowledge of a latent defect must disclose the defect to the buyer or the buyer may later claim misrepresentation.
Lead-Based Paint
Considered a hazardous material, lead-based paint is potentially poisonous, and its presence in a property must be disclosed by law.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.