Understanding Patent Defects in Real Estate§
A patent defect represents a significant and evident issue with a piece of real property. Unlike minor problems affecting fixtures, patent defects severely impact a property’s safety or value. Examples include a sagging porch or a crack in the foundation – key structural issues that constitute patent defects. These are typically uncovered during pre-purchase inspections.
Buyers need awareness of such defects prior to finalizing their property purchase. Laws often mandate that sellers disclose known problems to potential buyers. However, in many cases, sellers might be unaware of patent defects until inspections bring them to light. Ensuring properties are thoroughly inspected can safeguard buyers against unforeseen and costly issues.
To summarize, understanding and identifying patent defects is critical in preserving the integrity, safety, and financial investment of any real estate transaction.
Related Terms: Latent Defect, Property Appraisal, Real Estate Law, Homebuyer Protection, Structural Integrity
