Patent Vs. Latent Defects & How They Impact Real Estate Transactions
You become focused on neighborhood and aesthetics when you buy a house. This is when you like many other buyers miss something that can break the whole deal, which is property defects! And yes, every lot has problems but not all show up. You will have an easier time spotting issues and making sure they get fixed when you partner with a law firm. But it is wise to know patent vs. latent defects yourself because one of these is on you to detect.
Property Defects Can Kill Your Transaction and We Don’t Let That Happen!
Many buyers and sellers don’t realize how many issues hide in a lot and what their rights are regarding those. We help you understand latent vs patent defects and offer legal support.
Latent and Patent Defects in Ontario Real Estate Law
You are in your new home and setting up décor. That is when you come across serious wiring issues hidden behind redone walls. Or you are on the other side and facing blame for an issue you missed when you sold your place!
It is on you as the buyer or seller to know both patent and latent defects. Buyers have their duties in some cases and seller disclosure requirements come into play for other defects that exist. You are well on your way to steering clear of conflicts and get the dream house when you know how Ontario law says about hidden flaws.
What is Patent Defect in Real Estate?
There’s a problem with a house you like which you can see when you go through a normal walk-through or inspection. That’s a patent defect and you don’t really need special tools to notice these.
These are all what we call visible defects. You will find that it is easy to push for a solution before you sign a contract. If you go to court, you will have to answer why you did not use your fair chance to notice these problems during a standard inspection!
The Need for Patent Defects in a Sale
The real estate law in your province will follow the rule known as buyer beware. This means that you have to be active and check a potential home before you give it the okay. Sellers don’t even have to point out patent defects to the buyer most of the time (it is a whole other matter if they hide it!)
It is on you to spot any thing broke or not working during their when it comes to patent defect real estate. If something clear is missed before closing, your legal options can become limited afterward.
What About Real Estate Latent Defect
These defects are more serious and often far more costly because they are deep-rooted and you can’t point them without expert help. What happens is that latent defects often stay hidden for long periods due their nature.
These types of construction defects often only come to light after you already purchase and move in. Weather changes and daily use bring the issues to the surface, now worse than before they were hidden. Any repairs your space will need by then will cost more. Plus, the legal matter will not be easy to settle.
How Should Sellers Disclose Latent Defects
It is your legal duty to give a clean report about issues that make a home unsafe or not okay to live in because it is weak or missing basic features. You can end up with liability issues in latent defect real estate cases if you stay quiet or hide the problems. The laws assign heavy penalties if you intentionally cover up issues like water stains or safety risks to avoid paying for repairs.
Patent vs. Latent Defects and Buyer Safety for Real Estate Deals in Ontario
The matter of latent vs patent defects will never resolve itself whether you are the buyer or the seller. It is on each party and their legal team/inspector to avoid costly mistakes and legal stress. Ontario real estate law gives you the time to review the property condition and you can check an inspection report before closing to make sure you do not miss anything.
Get Your Own Home Inspector
A skilled inspector becomes has the insights to spot issues you cannot on your own. They will do a full inspection process and to uncover warning signs any other person would miss. Their experience means that you can get a fair compensation for big problems and stay safe.
Add Clauses in Your Contract
You need time to check a potential home or any space for an office. This time period has to be enough so that you receive your inspection reports and let your lawyer check these. You can discuss concerns with experts and decide whether to renegotiate the price or walk away before closing.
Hire a Seasoned Real Estate Lawyer
A legal team will tell you just how to uncover risks and even read your inspection report. You can also hire one as a seller to make sure you comply with the laws. A real estate attorney can have a massive role in defect management.
Never think of legal help as an optional step when you want to make sure that the property you are buying or selling is free of defects. You will be able to decide each step while aware of how each one protects your money and peace of mind.
Estofa Law Helps Clients Stay Aware of Rights and Duties
Both you and your seller/buyer have duties to fulfill about the property or else face fines. Buyers must inspect the contract and the property carefully. The sellers during this time need to be honest about serious hidden matters. At Estofa Law, we dive deep into the terms of your contract or any inspection report. Book a meeting with us today and let us keep you safe from step one in your real estate process!
