There is a general law called Caveat Emptor which means buyer beware. This means that the buyer has a responsibility to thoroughly inspect a property before they purchase it & take the proper steps to buy a house with defects.
When taking the steps to buy a house with defects, what defects should I know about?
If buyers do not take the proper steps to buy a house with defects & do their buying due diligence and a problem, visible to the naked eye, is found after the buyers move in, then it is the buyer's responsibility to fix that problem. If the deficiency within the property is visible to the naked eye and is in relatively plain view then that defect is known as Patent Defect.
However, if the defect in the property is not in plain view and cannot be found by reasonable inspection then the defect is known as Latent Defect. Some examples of a latent defect are structural damage, cracked foundation, or excessive water damage behind walls. These are damages that a prudent buyer can't really see until they rip apart walls or tear up carpets.
How do I Know if I am Buying a Home with Defects?
Both defects are very important for buyers to know about because if a seller willingly and actively tries to conceal or intentional lie about ANY defects within the property then the seller could find himself in an expensive law suit. This is why most of the offers to purchase will be contingent on the buyer completing a satisfactory home inspection with a Certified Home Inspector.
Even though a buyer may decline to do a Home Inspection this does not absolve the seller of their responsibilities to disclose a Defect. The buyers should know to ask the right questions and the sellers should know what they must legally disclose to any potential buyer to avoid any unnecessary law suits.
In this PDF, Soldplicity shares with you how to avoid a law suit and helps you know what a defective home may look like. This is a good document to have when taking steps to buy a house with defects & buying or selling a home.
Available at our Store: Follow the steps to buy a house with defects with our guide: Buying a Home with Defects - $4.99
|< Prev||Next >|