An inquiry notice is a type of legal notice when a property purchaser has knowledge of facts or circumstances which would lead a reasonable person to believe that further investigation of the matter is warranted.
In a typical real estate transaction, the purchaser has certain duties such as home inspection of the physical property and of the legal title to the real estate.
For example, another person other than the seller may be in possession of the property. Or they are titled on the property.
The purchaser could have determined that fact with a home inspection or title search. Whether or not the purchaser actually inspected the property or title, they are said to have been given inquiry notice.
This means that in this case, the buyer can’t file a claim against the seller, reasoning it by not having been notified about the problem.
REAL ESTATE INVESTMENT SPECIALIST
Expert contributor at RealEstateWords.com