Buying an apartment for sale, like any residential purchase, can create a lot of anxiety for the buyer. It’s a time of a lot of second doubts; hence, the term buyer’s remorse was coined. However, something can be done to relieve the uncomfortable feeling of buyer’s remorse – the procurement of a good home or apartment inspection. This inspection does not merely uncover defects that you can see upon a walkthrough, but also reveals those defects that can’t be seen upon a simple physical inspection, or latent defects. What are some latent defects?
Latent defects are basically those defects that you might miss during your own walkthrough inspections before you buy that apartment for sale. They should be revealed to the buyer before the offer is submitted, if the seller is aware of them. These can include the following:
· Water leakage
· Asbestos problems
· Rotting floors
· Moldy walls (painted over)
· Foundation cracks
· Plumbing problems
· Air conditioning and heating problems
· Termites or cockroach infestation. Latent defects outside the realm of the physical inspection
Latent defects can also apply to non-physical issues as well. These non-physical defects should be revealed to the potential buyer for a home or an apartment for sale before the offer is submitted. Usually the seller is aware of the majority of non-physical defects. Here’s an example of some of the kinds of non-physical defects.
· Located in inferior school district
· Title problems
· Neighbor issues (i.e. loud, disrespectful)
· Future planned projects in immediate area (i.e. new high-rise, new mall, which could cause additional traffic and noise)
· Nearby a sewage disposal plant (i.e. only smells on certain days). What recourse does the buyer have?
For physical defects, the decision is clear: submit a lower offer; buy the property as is (don’t lower the offer); or choose not to purchase the place. With non-physical defects, the options are similar, but with physical defects, most problems can be repaired. Non-physical defects, on the other hand, may not be repairable. The buyer will have to decide whether or not he can live with those non-changeable aspects, such as an apartment for sale located in an inferior school district. |
