A lack of disclosure is a serious problem for people who have just purchased a home. Without disclosing an issue, there is no way for someone to know about serious problems that a home has. Finding out about these home defects after the sale is frustrating, and it’s something many people have to deal with.
After the sale of a home, if you find that there were problems undisclosed to you, you may have legal options. Buying a home is a long process, but it’s also a legal process that has many restrictions and requirements. One of those requirements is that homeowners disclose major problems that they’re aware of.
What happens if you find a problem after closing the sale?
Depending on the seriousness of the defect you’ve discovered, you may have a case against the homeowner and seek a resolution to the problem. Homeowners are required to admit to all material defects in a home during a sale. If they know about a material defect and do not disclose it, then the buyer has the right to cancel the transaction in many cases.
What is a material defect?
Understand that a material defect is one that is an issue within the property that could adversely impact the value of the property or that poses a threat to the new homeowners or visitors to the property.
What should you do if you find a material defect after the purchase of a home?
It’s a good idea to learn more about your legal options. The past owner may be obligated to pay for repairs, or you may be able to cancel the purchase.