In real estate transactions, latent defects are hidden issues not visible during a reasonable inspection. These defects, like foundation cracks or faulty wiring, can cause major problems for a potential buyer. It’s crucial for buyers to understand their rights related to these defects.
To learn more about the Latent Defects in real estate, check out our previous blog
Warranty Protections
When buying a property, some agreements of purchase might include warranty protections. These warranties can offer buyers a safety net against certain latent defects. In some cases, the property owner might be required to fix these hidden issues at no extra cost. Understanding warranty terms is essential for a diligent buyer.
Here are some types of defects covered often by warranties:
- Structural defects
- Plumbing issues
- Electrical problems
Rights in Negotiation
In real estate, the doctrine of Caveat Emptor means “buyer beware,” but that doesn’t mean a buyer is without rights. During negotiations, buyers should ask about any material latent defects and get detailed inspection reports. Involving real estate lawyers and professionals can also ensure all defects are disclosed.
Here are steps a buyer can take during negotiations:
- Conduct a diligent inspection.
- Ask the real estate agent about any known defects.
- Review property disclosure statements.
- Consult Hoogbruin real estate lawyer for guidance.
In the real estate market, informing yourself about latent defects and buyer rights can prevent a breach of contract and protect against reckless disregard from property owners.
Protect Your Rights with Vancouver Real Estate Lawyer – Arsen Krekovic
If you’re dealing with latent defects or navigating the complexities of a real estate transaction, don’t leave your rights to chance. At Hoogbruin & Company, our experienced real estate lawyer – Arsen Krekovic is here to provide clear guidance and effective solutions. Whether you’re a buyer or seller, we’ll help you understand your legal obligations and protect your interests.
Book your consultation today and take the first step toward a confident and secure real estate journey.
Vancouver Real Estate Lawyer
Arsen Krekovic
akrekovic@hoogbruin.com
604.305.0194