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What is a 'latent defect'?
(03.09.02) A latent defect is defined as "a product imperfection that is not discoverable by reasonable inspection and for which a Seller is generally liable if the flaw causes harm" (Blacks Law Dictionary). It is best described as a hidden flaw or one not apparent to an ordinary lay person. An example would be a broken air conditioner in a property being viewed in the winter or the presence of radon gas. It is the Seller's responsibility to reveal all latent defects he/she has knowledge of prior to a sale. Failure of the Seller to reveal a latent defect for which he/she has knowledge is grounds to revoke a prior acceptance of an offer or be a cause for litigation after a sale is completed. Your REALTOR® is also required to reveal to the Buyer latent defects for which he/she has knowledge.
Disclaimer: These answers are in general terms and may vary with specific factual circumstances.
Upcoming Events
Beginning January 1, 2009, educational requirements to receive a license will be raised. In addition to the 60-hour pre-license course, students will be required to take the 36 hours of education that were originally required in the first 3 years. Currently the law requires that the three 12 hour courses (Listing Practices, Buying Practices and Developing Professional Conduct & Ethical Practices) must be taken before a student can take the license exam. The Commission is in the process of changing that requirement to say that those courses must be taken before a student can apply for a license. Contact Bonnie at 338-6460 if you have questions.