What Are The Sellers Responsibilities Concerning Known Defects?
Sellers have the obligation to disclose known latent defects to buyers under the Multiple Listing Service. A latent defect is one that is not obvious on a reasonable inspection of the property which would have a substantial impact on the buyer's use or enjoyment of the property. The Listing Agent would have asked the seller if they have knowledge of material latent defects when completing the Property Condition Disclosure Statement at the time of listing the property for sale. If a buyer believes that information about a known latent defect has been withheld by the seller, legal opinion should be obtained.
Stigmatized properties: these include properties where a death or haunting may have occurred. They are not required to be disclosed unless a client specifically asks the question. While these may not affect the market value of a home, certain buyers are highly sensitive. Be sure to advise us if this is a concern to you.