Buyers are feeling pressure in the new era of home inspections.
Many feel they have to waive that home inspection condition.
You have to be comfortable with your decision and the risk you are taking on.
In todays market buyers often find themselves competing against multiple offers.
Today homes are selling over the asking price, it also means that many buyers are making unconditional offers.
Realtors will tell you that putting a home inspection condition in will kill the offer.
There are ways to protect yourself and we are here to help you do just that!
Is it still possible for buyers to protect themselves against hidden defects and costly repairs.
In the new era of home inspections the simple answer is yes.
Doing a pre-inspection although on your own dime is something I highly recommend. As a home inspector I can do a walk-through with you prior to putting your offer in.
There is another option for homebuyers.
You can request access to the property for an inspection between the time when a deal goes firm, and possession date.
Getting out of a deal prior to or after the closing date isn’t easy, your lawyer can help you if an inspection turns up a serious problem.
A buyer always has the option of hiring a home inspector after they take possession.
Doing so gives you an understanding of the property. and may help you prioritize and budget for future repairs and maintenance.
Sellers have the legal obligation to disclose any “latent defects”.
Latent defects can render a home uninhabitable and can come at a very high cost to repair. Both sellers and their realtors can face lawsuits if they knowingly fail to disclose a major issue with a property.
As a Home Inspector I can help purchasers to overcome the obstacles of a home inspection.
Patent or Latent?
A patent defect is an obvious flaw that would be found by a reasonably prudent buyer without disrupting the property.
Example is a crack on the side of the home, a hole in the wall that is a visually observable.
A seller has no obligation to bring patent defects to the attention of a buyer.
A seller must not take steps to deliberately hide such defects.
A buyer assumes the risk of a defect which was visually observable.
This means that it is the buyer’s responsibility to examine the property and discover patent defects.
A latent defect is one that is hidden and not readily apparent to a buyer upon reasonable inspection.
An example of a latent defect could be a leaky foundation which the seller has not disclosed.
Another could be a problem with electrical or plumbing.
An attempt to cover up or over a latent defect can be grounds for legal action against the seller.
What Are Your Rights In The New Era
The following is a snippet, always contact your lawyer for assistance!
In the province of Ontario, a buyer has two years from the day on which a latent defect was discovered to begin a lawsuit.
The two year period starts to run on the day on which the buyer first knew of the defect or on the day on which a reasonable person with the abilities and in the circumstances of the buyer would have become aware of the defect.
When found, there is often a presumption against the seller that they knew about the latent defect.
The seller must show that he/she could not possibly have known of the defect, instead of the buyer having to show that the seller knew about the defect.
If it can be shown that the seller could not have known about the defect and was not willfully blind to the existence of the defect, then the buyer’s claim will not move forward.
As times change, so do we.
A new era means new ways.
In this Era of home inspections we are here to help you along the way.
So, to simply state, we will walk with you!
There are major aspects to a home, it takes a professional to find issues with a home.
Our “Walk Through” service is a basic yet comprehensive service and a valuable service at that!