At Equity Real Estate we know that real estate terms can sometimes be confusing. We are going to share with you some common real estate terms and their meanings to help give you a greater understanding when you are trying to buy or sell a home.
*Misrepresentation: an untrue statement, whether unintentional or deliberate. It may be a form of nondisclosure where there is a duty to disclose or the planned creation of a false appearance . Where there is a misrepresentation of a material fact, the person injured may sue for damages or rescind the contract. See: false advertising.
Example: The broker represented the home as being structurally sound. The broker did not know that termites were destroying the wood. The buyer sued the broker for misrepresentation.
At Equity Real Estate we are here to help you navigate the home buying and selling process. Give us a call with any questions!
*Barron's Real Estate Guides; Dictionary of Real Estate Terms