A material latent defect is a physical defect that is not discernible through a reasonable inspection, and makes a property: dangerous or potentially dangerous to the occupants. unfit to live in. unfit for a buyer’s purpose, should that purpose be known to the sellers or by the industry professional.
Did you know that, as a Seller, you can’t just sweep (or hide) issues under the rug?
A patent defect is any defect in a property that can be discovered upon reasonable inspection. These types of defects include broken windows, damaged floors and anything that a buyer or a property inspector could find through a typical property inspection (which is why a thorough inspection with an experienced professional is always recommended).
A material latent defect, however, is a defect which cannot be discovered upon reasonable inspection of the property and that might render the property potentially dangerous OR involve great cost to repair.
If you’re aware of any problems with your property, an unauthorized suite, or repairs done without permits; make sure to inform your agent ASAP so that they can include the necessary disclosure documents to keep you both out of trouble.
It is so important to us that you feel empowered and educated throughout the buying and selling process – if you have questions, give us a call, text, or email with any questions you have! We can answer all of your questions, and give you specific tips related to the strata, buildings, and more. We’re here to help.