Property Ownership
In South Carolina, a 'material fact' that must be disclosed is best defined as:
AAny fact about the property
BA fact that would significantly influence a reasonable buyer's decision to purchase or the price paid✓ Correct
COnly structural defects
DOnly physical defects visible to the naked eye
Explanation
A material fact is one that would significantly affect a reasonable buyer's decision to purchase or the price they'd pay. It includes defects, legal issues, and any condition significantly impacting value or desirability.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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