I read this really interesting article today, from the BC Real Estate Association, about the Buyer and Sellers obligations of disclosure when buying and selling a property and thought you might be interested to read it.
When selling a home it is the seller's obligation to make full and complete disclosure of all issues respecting property offered for sale. What about a buyer's obligation when purchasing property?
Most Realtors ® are familiar with the doctrine of caveat emptor or 'buyer beware.' That maxim holds that a seller has no obligation to disclose patent defects: those discoverable upon a reasonable inspection. However, a seller does have an obligation to disclose latent defects – those not discoverable upon a reasonable inspection – which make the premises dangerous or unfit for habitation.
Copyright British Columbia Real Estate Association. Reprinted with permission." BCREA makes no guarantees as to the accuracy or completeness of this information.
I hope you found this article useful ?
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