It is incredibly common for real estate contracts to require an inspection to identify potential property defects. If they are not identified in a timely manner, they can result in substantial legal and financial issues down the line. But what exactly are property defects, and how can they negatively impact your real estate deal?
What Are Property Defects?
In simple terms, property defects refer to any kind of physical problem that makes a piece of property unsafe or uncomfortable to live in. These may include anything from relatively minor issues that can be quickly repaired, to potentially dangerous or even life-threatening problems that may require extensive renovations or other similarly costly repairs. Generally speaking, most real estate deals will not proceed unless a property inspection has been done and all defects have been addressed.
What Do Property Defects Look Like?
There are many types of property defects that might be discovered by an inspection. These may include, but are not limited to:
- Structural damage from fires, floods, or other disasters
- Leaky pipes or water drainage problems
- Damaged or leaky roofing
- Presence of mold or mildew
- Infestation of mice, rats, roaches, termites, or other pests
- Problems with HVAC or other utilities
- Presence of asbestos, lead paint, or other toxic materials
- Building code violations
- Unlicensed or DIY renovations
What Happens if Your Property Has a Defect?
If a property defect is found, what happens will depend on when exactly it is discovered. A buyer may demand the seller pay to repair the defect before the sale can go through, or they may ask to have the cost of repairs deducted from the purchase price, for example. If the issue is sufficiently difficult or expensive to repair, it may cause the transaction to be cancelled. If it isn’t found until after the sale has closed, however, it could lead to extensive litigation that may last for years.
What Should You Do?
If you want to minimize the risks of these issues, you should make sure to consult a lawyer with experience handling real estate matters. They can review the circumstances of your case and help you get the best possible outcome for your circumstances. The sooner you get in contact with them, the sooner they can get to work for you.
For more than 50 years, the New York lawyers at Elovich and Adell have represented clients like you in real estate cases. Our attorneys, conveniently located in Long Beach, handle personal injury, real estate, commercial transactions, criminal defense, and labor and employment claims all across New York State. For a consultation, please call us at 516-432-6263 or visit our contact page for more information.
