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Property Condition Disclosure Law: Why Did States Mandate ‘Seller Tell All’?

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  • Anupam Nanda

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Abstract

Thirty-six US states have already enacted some form of seller's property condition disclosure law. At a time when there is a movement in this direction nationally, this paper attempts to ascertain the factors that lead states to adopt disclosure law. Motivation for the study stems from the fact that not all states have yet adopted the law, and states that have enacted the law have done so in different years. The analytical structure employs hazard models, using a unique set of economic and institutional attributes for a panel of 50 US States spanning 21 years, from 1984 to 2004. The proportional hazard analysis of law adoption reveals that greater number of disciplinary actions tends to favor passage of the law. Greater broker supervision, implying generally higher awareness among real estate agents, seems to have a negative impact on the likelihood of a state adopting a property condition disclosure law.

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File URL: http://hdl.handle.net/10.1007/s11146-007-9057-3
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Bibliographic Info

Article provided by Springer in its journal The Journal of Real Estate Finance and Economics.

Volume (Year): 37 (2008)
Issue (Month): 2 (August)
Pages: 131-146

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Handle: RePEc:kap:jrefec:v:37:y:2008:i:2:p:131-146

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Web page: http://www.springerlink.com/link.asp?id=102945

Related research

Keywords: Property condition disclosure; Law adoption; Hazard analysis; Housing price index;

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References

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  1. Anupam Nanda, 2005. "Property Condition Disclosure Law: Does 'Seller Tell All' Matter in Property Values?," Working papers 2005-47, University of Connecticut, Department of Economics, revised Jul 2006.
  2. Kiefer, Nicholas M, 1988. "Economic Duration Data and Hazard Functions," Journal of Economic Literature, American Economic Association, vol. 26(2), pages 646-79, June.
  3. Arellano, M. & Honore, B., 2000. "Panel Data Models: Some Recent Developments," Papers 0016, Centro de Estudios Monetarios Y Financieros-.
  4. Peter Kennedy, 2003. "A Guide to Econometrics, 5th Edition," MIT Press Books, The MIT Press, edition 5, volume 1, number 026261183x, December.
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Cited by:
  1. Anupam Nanda & Stephen L. Ross, 2008. "The Impact of Property Condition Disclosure Laws on Housing Prices: Evidence from an Event Study using Propensity Scores," Working papers 2008-39, University of Connecticut, Department of Economics.
  2. Thomas J. Miceli & Michael P. Stone, 2010. "The Determinants of State-Level Caps on Punitive Damages: Theory and Evidence," Working papers 2010-25, University of Connecticut, Department of Economics.
  3. Anupam Nanda & Katherine A. Pancak, 2009. "Broker Duty to Clients: Why States Mandate Minimum Service Requirements," Alumni working papers 2009-01, University of Connecticut, Department of Economics.

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