Material Latent Defect

What is a material latent defect and what disclosure about this defect needs to be made at the time that you are selling your house?  A material latent defect is a defect that is not obvious when you are looking at a property.  One such defect that occurs more often than you would think is that of the leaky basement.  The basement may only leak at the end of winter when the snow surrounding the house melts and finds its way into the basement.  Once winter is over there is no more seepage into the basement.  So if you are selling your house during the dry season an inspection of the basement may not uncover this defect.  If you as the owner of the property are aware of this defect you must disclose the existence of this defect to potential buyers.  I had one situation where the seller piled up a stack of boxes against a wall that they knew leaked and they failed to disclose the existence of the leak.  Failure on the part of a seller to disclose a material latent defect

There are no comments

Thank you! Your comment has been submitted and is awaiting approval.

The Dent Team

The Dent Team

Sales Representative
CENTURY 21 Executives Realty Ltd.
Contact Us