latent defects

latent defects

Real property defects not discoverable by reasonable and customary inspection. If known to the seller, or to the real estate broker representing the seller, then each of them has an obligation to reveal such defects to a prospective purchaser.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
The project is expected to be completed in December,and will be on 24 months defects and liabilities, as well as additional five years latent defects.
However, the true value of the court's ruling lies in its discussion of the current state of the law on the meaning of practical completion, which it summarised as follows: | Practical completion is easier to recognise than define; | The existence of latent defects cannot prevent practical completion because, by their very definition, nobody knows about them; | In relation to patent (i.e.
Older houses/flats are of increased demand since their price is well below the new units (which may also have title deed problems, VAT, latent defects etc).
Qudos said it is one of the "key players in Europe for agent and broker derived niche insurance business." Utilizing insurance agents across a range of countries, Qudos targets niche business, providing solutions for lines that include: motor; property; casualty; latent defects; legal expense; guaranteed asset protection (GAP); accident, sickness and unemployment (ASU) insurance, and extended warranty insurance.
He shall also guarantee the latent defects which may diminish the value of the goods or service, or render the same unusable for the purposes for which it is produced according to its nature or the terms of the contract entered into by the provider and consumer." Further, Article 34 states, "The provider shall provide the after-sale services, including spare parts, maintenance for durable goods, for a period not less than five years, or according to the nature of the goods."
"Testing helps i ncrease the product's reliability by detecting latent defects, improves its quality and ensures any post-sale incidents.
one of those subsequent purchasers might discover latent defects in the
Employers typically insert drafting in the contract to clarify that the issue of the final certificate (following the expiry of the defects liability period) shall not been deemed to constitute acceptance of the works and that the issue of the final certificate should not absolve the contractor from liability for latent defects. Contractors, on the other hand, frequently seek to insert drafting to the effect that the final certificate should release them from further liability regarding the works (other than in respect of Decennial Liability).
If the participant is a landlord, the IWH and duty to disclose latent defects would provide an independent basis for requiring the disclosure of the presence of lead paint to existing or potential tenants.