Latent Defects And Disclosure When Selling And Buying A Home
When A homeowner is selling their home, they are to disclose any known latent defects.
Definition for Latent Defect: Defect that is hidden from knowledge as well as from sight and one that would not be discovered even by the exercise of ordinary and reasonable care. One who sells a house with knowledge of a latent defect must disclose the defect to the buyer or the buyer may later claim misrepresentation.
Most homeowners know about latent defects in their homes. When they sit down with their Realtor they must complete a form that is about 10 pages long stating what they know to the best of their knowledge about their home's latent defects if any. Once they have a buyer, that form is to be sent with the contract to the buyer's attorney and their attorney goes over that form with them.
This does not mean that buyers shouldn't get a home inspection just because that form doesn't show any latent defects. Always get home inspection to confirm the house is structurally sound all around. Even if the inspection comes back that the home is border-lining not structurally sound, that doesn't mean the homeowner knew about it. Most homeowners are not home inspectors and contractors. So, if something major should be found during the home inspection, do not assume the seller knew about it. You have a choice to either re-negotiate your offer or to walk away.
Cell: (631) 703-0201
Office: (631) 226-5995 Ext. 242
Email: JackieC@century21aa.com
Website: www.longislandrealestatelady.com
Website: www.lindenhurstnyrealestate.com
Blog: http://jackieconnellyfornuff.com
Skype ID: LIRealEstateLady
