Buying real estate In Alberta is typically an exciting process, but it can turn into an unanticipated nightmare. Sometimes a seller will go to great lengths to hide defects that might jeopardize the sale. However, some laws require real estate sellers and their agents to disclose any material defects. Professional building inspectors can even miss some of them.
Material latent defects include any undetectable physical weakness or defect that can make the property dangerous or unfit for occupation by the buyer for his or her chosen purpose. The seller must also share any notices by authorities for repairs required to the building, or any high-cost repairs that might be necessary. Also, any required permits that are not in place must be disclosed because they could jeopardize the transaction.
Other material latent defects could include building or refurbishing that covers wall damage that could compromise structural strength, water leaks of which the seller is aware. Also, additions like a garage that were built without the necessary permits must be disclosed. Dangerous mould, or previous marijuana growth operations, must also be disclosed.
These and other material latent defects can come back to bite an unsuspecting property purchaser in Alberta. For that reason, it is sensible to seek the services of an experienced real estate lawyer from the outset. Legal counsel can be a valuable asset who can provide the necessary support and guidance throughout the transaction, including judicial proceedings. A lawyer can assist with arranging professional inspections and arrange for the revision of any permits, as needed.
