Latent defects : Test your knowledge
Finally got your head around latent defects? Take our short quiz and test your knowledge!
1. True or false? A latent defect is a major fault that compromises the integrity of the building and is invisible to the naked eye.
True. For the defect to be considered latent, it must not be apparent, meaning that there was no indication of its presence during visits prior to the sale.
2. Who must pay for renovations related to a latent defect?
The seller must pay for repairs following the discovery of a latent defect. Even after finalizing the sale of their property, the seller remains liable for the latent defect, regardless of whether they were unaware of it at the time of the sale. When selling an existing home, it’s a good idea to get additional protection against latent defects. Learn more about the Integri-T guarantee! An exclusive offer from REMAX.
3. Who must pay for damages caused by a latent defect?
Although the seller is responsible for paying for renovations related to a latent defect, the buyer must nevertheless pay for damages caused by the same defect. However, the seller must be forthcoming, that is, they must inform the buyer of defects they are aware of that affect the property so the buyer can estimate the costs of any renovations needed. If the seller was aware of the defect at the time of the sale and did not notify the buyer, the seller will also have to pay for damages such as warped walls or damaged floors due to a water infiltration.
4. True or false? The buyer must have the property that they wish to purchase inspected.
False. There is no law requiring the buyer to hire a building inspector to examine the property that they wish to purchase. That said, there is no legal protection for defects that could have been detected by a prudent and diligent buyer. These are apparent defects or defects that should have been the subject of further inspection and expert advice.
Protection against latent defects
Knowing a lot about construction can’t protect you from latent defects. Fortunately, you can get additional protection, such as the Integri-T guarantee, to give you total peace of mind during your real estate transactions. 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.
Contact your RE/MAX broker for more information.
Visit remax-quebec.com/en/integri-t/index.rmx for full details.