This week I discuss legal warranty and what it represents. A lot of buyers ask me what legal warranty covers and whether or not it’s a guarantee. It it not a guarantee but rather a warranty that protects the buyer from hidden defects of the property. If you were to find a problem that was not disclosed to you nor mentioned by your inspector, then you have 1 year from the time of discovery to pursue the sellers. It is important to note that you have to prove that the defect was present at the time of sale. It is understood that as more time passes, it becomes more difficult to prove that the problem was present at the time of the sale.
Keep in mind that if at the time of purchase your inspector suggests you look further into something and you don’t, legal warranty will not protect you on that defect. By not being diligent and looking further into it, legal warranty is negated.
Should you find a defect that was present at the time of the purchase, the first thing you should do is contact a lawyer! They will be able to best explain your rights and guide you. The next step would be to contact the sellers and give them an opportunity to remediate the problem at their cost before going down a legal path.
If the sellers deny responsibility and are not willing to repair the issue, you will likely need to go to court. In any case, I highly recommend you contact a lawyer before proceeding!
Thank you for watching the first part of my segment on legal warranty. Tune in next week to hear about sales without legal warranty.
Comment below your questions and comments!
LJ Aguinaga
CERTIFIED REAL ESTATE BROKER | LJ REALTIES
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