For many people, buying a home is the expense of a lifetime. After all, this is where you’ll get up every morning, share meals with friends, spend Sundays relaxing, and who knows, maybe even start a family. So after having spent an age hunting for your dream home, the last thing you want is to discover latent defects. That’s why it’s important to understand what a latent defect is and avoid any unnecessary stress.

 

Firstly, what is a defect?

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A defect is defined as a major fault that causes serious inconveniences and prevents the owner from using or fully enjoying their property.

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So how do you know you are dealing with a latent defect?

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• The defect must be so significant that you would not have paid the agreed price or simply would not have bought the property if you had known about it.

• Of course, the defect must be latent (hidden). More specifically, it could not have been discovered by a prudent and diligent buyer, i.e., there was no indication of its presence during visits prior to purchasing the property.

• The defect must therefore be unknown to the buyer at the time of purchase. If the seller mentioned the defect before the property was sold, it is not a latent defect.

• The defect must exist prior to the sale. Even if the seller was unaware of the defect at the time of sale, they are still liable for it.

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Still struggling to get your head around all this? The Integri-T program, exclusive to RE/MAX, is a guarantee offered to buyers and sellers who want to protect themselves against latent defects. This unique coverage provides financial protection to buyers and sellers in the event of a claim. 

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Contact your RE/MAX broker for more information.

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Visit remax-quebec.com/en/integri-t/index.rmx for full details.

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