NOW THE FUN PART BEGINS. IT’S TIME TO FIND THE PERFECT HOME.
- home style—condo apartment, condo townhouse, single family home
- number of bedrooms
- number of bathrooms
- features—garage, yard, basement suite
It’s a good idea to make a list of your needs and your wants so you can better focus your search. What are you must-haves? What are you willing to do without?
Beyond the size, location, and specific features of a home – there are additional things to think about and ask about as you look at properties: material latent defects and stigmatized properties.
Material latent defects are defects a person cannot discover with reasonable care during an inspection. They include defects that:
- make a property dangerous or potentially dangerous
- make a property unfit to live in
- make a property unfit for the buyer’s purpose (if the buyer has told their industry member or the seller’s industry member the purpose)
By law, sellers, and their real estate representatives, must disclose known material latent defects to potential buyers.
You may also want to discuss stigmatized properties with your real estate professional. The term “stigmatized” means an unfavorable quality in a property or one that may make the property less attractive or unattractive to some buyers. Buyers may avoid stigmatized properties for reasons that are unrelated to the physical condition or features. Stigmas may include:
- that a suicide or death occurred in the property
- the property was the scene of a major crime
- the address of the property has the wrong numerals
- reports that a property is haunted
If there are certain stigmas that matter to you, you need to talk to your real estate professional about them. Because these type of stigma are not material latent defects, the seller is not required to answer your questions, but if they choose to answer – they must do so honestly. If they refuse to answer, you’ll have to decide if you’re comfortable proceeding without the information.