When does a Material Latent Defect need to be disclosed to a Buyer of Real Estate?
In British Columbia, all material latent defects must be disclosed in writing to potential buyers prior to them making an offer on a property. A material latent defect is a latent defect that cannot be discerned through a reasonable inspection of the property. Some examples of material latent defects are: 1) a defect that renders the property dangerous to the occupants, 2) unfit for habitation, 3) unfit for the purpose for which the party is acquiring it, 4) a defect that would involve great expense to remedy, 5) a lack of appropriate municipal building and other permits respecting the real estate, and 6) any outstanding local government or authority notifications on the real estate. Be aware and ask lots of questions at your inspections.