Environmental
Mold in a West Virginia property is a material fact because:
AThe state requires mandatory mold testing for all properties
BIt can cause health problems and is a defect that must be disclosed if known✓ Correct
CMold remediation is always paid by the seller
DFederal law requires mold disclosure in all states
Explanation
Mold is considered a material fact because of its potential health effects and remediation costs. If a seller knows of mold in a property, it must be disclosed on the Residential Property Disclosure Form.
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Key Terms to Know
Community Property
In community property states, most property acquired during marriage is owned equally by both spouses, regardless of who paid for it.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
VarianceOfficial permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
State-Specific Concepts
Disclosure Requirements
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