Spring is (almost) in the air in Toronto. The days are getting a bit longer, and we’ve had some spotty semi-decent weather. If you’re a Toronto home owner who is gearing up to sell their home, a wet, melty spring – and the impending leaky basement – can be an absolute nightmare.
First, a crash-course in Toronto real estate disclosure terms:
A latent defect is something that is hidden. This is a defect in your home that you can’t see and a buyer probably wouldn’t find out about until it’s too late – such as a leaky basement, or pipes that are prone to freezing, bursting and subsequently flooding the basement. Toronto real estate sellers should tell buyers about latent defects (if they know about them) or they can be sued later.
A patent defect is something visible and obvious. These include broken windows, crooked fixtures, or visible mold and water damage. Toronto real estate sellers don’t have to say anything about these, because potential buyers can see them easily during a walk-through. In other words: buyer beware.
Courts will use these terms to decide whose fault it is if the new buyers decide to sue the sellers for not mentioning leaky basement problems. If the defect was known (latent) but not mentioned, the sellers could have a big problem on their hands. If the defect was obviously visible (patent), there is little recourse for the buyer.
But what if the sellers only lived in the home for a short period of time, and never experienced a leak or flood in their basement? If it can be proven that they did not know about the hidden defect (unknown latent defect), then there is no liability there.
If a seller does know about the issue, they should get an estimate for repairs or do them themselves. There are other options though, including telling the listing agent and disclosing the problem in a Seller Property Information Statement (SPIS). Encouraging buyers to undergo a home inspection while being open about the issue is a positive step, as well as making the offer conditional upon the results of a home inspection if it is not already. Some buyers will assume the risk anyway, and the seller is free of liability. Credit For Article
Aquaseal Basement Waterproofing Contractors Ontario Repair Specialist is a family owned company specializing in wet leaky basement solutions and waterproofing for the residential homeowner and construction industry. We have been serving Southern Ontario with 38 years of experience.
AquaSeal Basement Waterproofing was established in 1988 to provide all proven methods of repair for the refurbishing of existing residential, commercial and institutional buildings. However, the expansion of our range of services allows us to provide waterproofing solutions for all types of structures. Our damp proofing and waterproofing products are supplemented by products and materials to deal with the symptoms such as damp, wet, cracked, leaky basements, also not limited to only below grade structures.
We have successfully repaired over 120,000 homes and businesses throughout Southern Ontario. AquaSeal Basement Waterproofing has grown to become a service leader throughout Southern Ontario with a reputation for effective solutions second to none.
ALL PROVEN METHODS OF REPAIR FROM INSIDE AND OUT
epoxy and polyurethane resin concrete crack repairs by injections
interior basement weeping tile drainage systems
exterior excavation and basement / foundation waterproofing
damp proofing / drainage layers / drywells / french drains
window well / lateral drain installations / backed up window well drains