Property Condition Disclosure Law: Why Did States Mandate 'Seller Tell All'?
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.
|Date of creation:||Jun 2006|
|Date of revision:|
|Note:||This paper is adapted from the first chapter of my doctoral dissertation at the University of Connecticut, Storrs, CT. I would like to thank my advisors, Stephen L. Ross, John M. Clapp, and Dennis R. Heffley for their insightful comments on the idea and methodology. I would also like to thank Tim Storey (National Conference of State Legislatures), Daniel Conti (Bureau of Labor Statistics) for assistance with data. All remaining errors are mine.|
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- Arellano, M. & Honore, B., 2000.
"Panel Data Models: Some Recent Developments,"
0016, Centro de Estudios Monetarios Y Financieros-.
- 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.
- Kiefer, Nicholas M, 1988. "Economic Duration Data and Hazard Functions," Journal of Economic Literature, American Economic Association, vol. 26(2), pages 646-79, June.
- 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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