Just weeks after the Home Buyer Rescission Period came into effect, one of our clients lost a sale when the would-be buyer’s home inspector discovered water damage in the crawl space. The purchaser pulled out of the deal within the three-day window and paid the seller 0.25 per cent of the purchase price. The seller then focused on remediating the property before finding another buyer.
It’s important to highlight that sellers are required to disclose any material latent defects with the property that could impact livability. If the seller knows about the issue but doesn’t inform the buyer, the latter may have grounds for legal action.
Still, the doctrine of buyer beware very much applies when purchasing real estate. Buyers who choose to forgo a home inspection and later discover an issue with the home will have limited recourse.
If you are considering purchasing a residential property on Vancouver Island, make sure you work with an experienced real estate lawyer who can protect your interests.