Full Disclosure

In real estate: (1) revealing all the known facts which may affect the decision of a buyer or tenant. A broker must disclose known defects in the property for sale or lease. A builder must give to a potential buyer the facts of his new development (are there adequate school facilities?; sewer facilities?; an airport nearby?; etc.). (2) A broker cannot charge a commission to buyer and seller unless both know (disclosure) and agree.

More Real Estate Definitons