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

Anupam Nanda (nanda.anupam@gmail.com)

No 2006-16, Working papers from University of Connecticut, Department of Economics

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.

Keywords: Property Condition Disclosure; Law Adoption; Hazard Analysis; Housing Price Index (search for similar items in EconPapers)
JEL-codes: C41 D82 K11 L51 L85 R52 (search for similar items in EconPapers)
Pages: 23 pages
Date: 2006-06
New Economics Papers: this item is included in nep-reg and nep-ure
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.
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Related works:
Journal Article: Property Condition Disclosure Law: Why Did States Mandate ‘Seller Tell All’? (2008)
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