What is the mandatory publication?
Traditionally, the rule when the buyer bought the property "Equeat Emptor", the Latin term, which means "Beware of the buyer". At the end of the 20th century, states in the United States began to adopt legislation requiring that the seller should prepare and provide the mandatory form to the potential buyers. The purpose of the mandatory form for publication is to protect the buyer from the purchase of the property on the basis of a misconception that there are no problems with real estate, only after the sale is completed that there is a potentially life -threatening situation. Mandatory publication may also apply to the requirement that all creditors provide an uniform set of information about the costs associated with loans so that the debtor knows what the final cost of the loan before the closure of the assets. However, there are some disasses that are common among states. In most countries, publication laws require the seller to publish everything that is known or should be adequately known.
According to federal legislation, all countries require the seller to publish the presence of lead -based color on the mandatory form of publication. Most countries also require the publication of asbestos. Asbestos was commonly used in isolation and other building materials until its danger in the 70 years has not become common knowledge. Although the State law does not require asbestos to disclose to prevent possible liability for life -threatening complications caused by asbestos exposure, property owners generally either remove material or at a bare minimum, reveal the presence of asbestos before sale.
Further information that may also be required to disclose can be included, such as defective wiring, plumbing or equipment, or the fact that the property is located in the area of natural risk. Home or property may have a connection that is not in line with the code or plumbing that JIt is known to escape, which must be included in the publication. In addition, if the property is in the flood zone or in the hurricane zone, the seller may be obliged to inform the potential buyer.
may also be required by the creditor to provide the potential debtor's obligatory publication regarding the costs associated with the loan. Federal laws "Truth in lending" require creditors to provide information such as the interest rate charged, charges charged by the creditor for lending money and the total cost of a loan for a lifelong loan. Although the truth is intended for borrowers to provide basic information in a comprehensible way in the loan laws, mandatory forms of publication may still be complicated to understand and synthesize the average consumer.