When it comes to negotiating an offer for the purchase of real estate, it’s important to remember that there’s more to consider than just the price. In this blog post, we’ll explore two key points that must be negotiated between the buyer and seller – unattached goods and material latent defects. We’ll also touch on a third topic that is often overlooked.
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Let’s begin by discussing unattached goods. These are movable items that sellers usually take from the property before the buyer takes possession. It’s essential to understand what is attached and what is unattached, and what has to stay with the property and what the seller can legally remove.
Another important consideration is material latent defects, which are physical defects that are not discernible through a reasonable inspection and could make the property dangerous, unfit to live in, or unfit for the buyer’s purpose. Sellers are required by law to disclose these defects during the listing process to avoid any legal issues down the line.
Finally, we’ll briefly touch on property stigmas, which are unfavourable qualities in a property that are unrelated to its physical condition. This could include things like a suicide or crime that occurred on the property, or reports that the property is haunted. While sellers are not legally required to disclose stigmas, buyers may ask about them and sellers must be honest if they choose to answer.
In conclusion, it’s important for both buyers and sellers to be aware of these considerations when negotiating a real estate transaction. By understanding the rules and being specific about what is included or excluded, and by discussing defects and stigmas with their realtors, both parties can avoid unnecessary conflict and legal issues. If you’re buying or selling real estate in Alberta, don’t hesitate to contact Barry for expert assistance with negotiating these important issues.