Buying a house, whether newly constructed or not, is a significant investment for everyone. It might have taken you several visits to the property before finally deciding to buy it. Discovering undisclosed property defects after sealing the deal can be a daunting experience, especially when you have trusted the seller to be transparent with the property’s condition.
Sellers have a legal duty to disclose property defects, recent repairs and relevant incidents to potential buyers. It includes any information that impacts the property’s value or safety. It could be anything related to the house foundation, structure, pipelines, electricity lines, ventilation, roof leaks, cracks, toxic conditions or zoning issues. Sellers should also inform potential buyers about hazardous conditions or if there were recent deaths on the property. The seller must disclose as much information as possible and provide it in a document before closing the purchase.
So, when you discover latent defects after purchasing the property, know that you have the right to seek legal remedies.
- Damage for losses: You can seek compensation for financial losses caused by the defect.
- Compensation for repairs: You can demand the seller to cover the cost of repairs.
- Rescission of the contract: You can cancel the purchase of the property for misrepresentation or fraud.
However, you must note that you can only pursue these legal remedies if you have proven that the seller intentionally concealed the property defects. You must also ensure that you are within the statute of limitations when you file a legal action.
Proactive communication and thorough inspection before closing the deal can prevent legal complications in your real estate transaction. But when you discover property defects late, you still have options. It is essential to consult with experienced real estate attorneys to help you understand your rights and assist you through the appropriate next steps.