There are few purchases more significant than acquiring real estate. This is the case whether a couple is buying their first home together or a developer is seeking their next project.
The significance of purchasing real estate means that due diligence needs to be conducted. A home inspector can assess the property and report any noticeable defects. Nonetheless, not all defects are immediately obvious, and some are more serious than others.
Serious defects with a property are typically referred to as material defects. Sellers in Connecticut have a legal duty to disclose these. What are some of the most common examples of material defects?
Structural problems
A property must be built on strong foundations, or it will not last. The cosmetic aspects of a building can be pristine, but this is of little value if the foundations are defective. If there are cracks in structural walls, leaks in the roof and basement, or if the property is not level, these are all signs of foundational issues. These must be disclosed before the property is sold.
Issues with utilities
Before a sale, the utilities of a property should generally be sound. If they are not, then this should be disclosed to the prospective buyer so that they can make an informed decision. Utilities typically include water, gas and electricity. Not disclosing material defects with the utilities is not only unlawful, but it could be potentially dangerous.
Environmental issues
A property is more than just a building. The surroundings are also very important. If there are issues with the surrounding environment that could devalue the property, these should be fully disclosed. For example, if there is a high-emissions business operating next to the property.
While material defects should be disclosed, this doesn’t mean that they always are. If you suspect that a seller hid defects from you, it’s important to look into your legal options.