Not disclosing defects will affect the sale of your property
As a seller, it is always advised to disclose any defects your property might have to potential buyers. By disclosing latent upfront , you can save yourself from a potential legal battle that could cost you a significant amount of money, and improve your chances of a quick sale.
Selling a home quickly and for the best possible price is what any property owner wants. And in today’s market, it’s important for sellers to get everything right in order to achieve a sale. However, there is one big mistake sellers can make unintentionally that can sabotage their property for sale. This is not disclosing defects.
There are two types of defects that sellers must disclose before a sale. Latent defects are problems that aren’t easily found during a general home inspection, such as a faulty geyser or cracked pipes. Patent defects are surface problems that are easily found such as a crack in the wall or chipped tiles.
Not disclosing latent defects before or during a sale could cause sellers big problems that could easily have been avoided. Many sellers think that the voetstoots clause protects them from any legal blowback if the house is sold with these types of defects. This, unfortunately, is not the case.
If a seller knows about these defects, they are legally obligated to let buyers know about them. This clause does not protect a seller if they have purposefully concealed the defects from the buyer. In this case the buyer is able to cancel the sale, or if the sale has already been processed, they are able to take the seller to court if the defect was found within three years of the sale. The buyer can then recover the costs incurred for fixing the problem.
As a seller, you can save a significant amount of money and improve your chances of selling your home, by disclosing any latent defects you are aware of.
