Sale Agreement / Offer to Purchase Explained
For many home buyers, the intricacies of making an Offer to Purchase is a very daunting decision as there are a lot more questions than answers and all of the terms and conditions are contained in an agreement of purchase and sale of property. All parties need to come to an agreement as what needs to be in this agreement. This must be listed in the agreement and in writing before all parties sign the agreement whereafter it becomes binding on all parties.
What is the difference between Patent and Latent defects?
Patent Defects:
A Patent defect is clearly visible on inpection of the property, such as a broken window, broken door, cracks in the wall, etc. All patent defects should be listed in the Seller’s Declaration as to whom is responsible for fixing what and this declaration must be signed by both parties. Since these patent defects are visible or obvious and no professional inspection is required, the purchaser has no recourse against the seller for these type of defects. The onus on purchasing the property falls on the purchaser to ensure that they have made note of all patent defects and then decide on the strength of this as to whether or not they still want to purchase the property.
