What is the real estate agents legal responsibility with regards to defects?
Estate Agent’s Responsibility An Estate Agent is only obliged to inspect the property for obvious patent defects, to enquire from a Seller as to what known latent defects exist, and to then disclose them before signature to the Buyer. Once having done this the Buyer’s recourse is against the Seller alone.
What to do if you are unhappy with your realtor?
For these reasons, the best way to go about canceling a contract with a Realtor is to simply call the broker and explain your desire to end the contract with their agent. Many reputable brokers who wish to stay in your good graces (and with the community’s) will let you out of the contract.
Who is responsible for latent defects?
Contracts often don’t include express references to latent defects, and asset owners and operators can pursue damages when the contractor or builder is deemed or thought to be negligent. In other scenarios, designers and contractors may be liable for latent defects for between 6 and 12 years.
Can you sue for latent defect?
Yes, you can sue the seller for not disclosing defects if your attorney can prove that the seller knew about the defect and intentionally failed to disclose it. Unfortunately, many sellers know about defects. Often, they will do things to mask the defect, like repainting or putting in new carpet.
How long do latent defects last?
The provisions of the Latent Damage Act 1986 Section 1 (by way of a new Section 14A to the Limitation Act) provides a limitation period for negligence of 3 years from the first knowledge of the cause of action and (by way of a new section 14B to the Limitation Act) an overriding 15 year long-stop from the act of …
How long are you responsible for latent defects?
Common law states that the seller is responsible for all latent defects in the property for three years from the date of discovery of the defect. “Most sellers are aware that they are responsible for latent defects which is why they include the voetstoots clause in the sale agreement.