RE/MAX Oceanview Weekly Report July 19-25, 2022

A Material Latent Defect is a defect in a home or property that is not easily detected during a reasonable visual inspection, but which makes it dangerous, unfit for habitation, or unfit for a buyer’s purpose. For example, a hidden sink hole on the property poses a danger and would therefore be a Material Latent Defect. A rodent infestation renders a home uninhabitable and an illegal suite makes the home unsuitable for the buyer’s purpose, if they stated they needed it for revenue. Material Latent Defects may also include hidden defects which are expensive to remediate or gov’t Notices which require a problem to be addressed. To be fair, sellers are only responsible for disclosing Material Latent Defects they know about. And it’s easy to see how some may be reluctant to step forward with that sort of information. However, they and their agents are obligated by law to do so.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.