As a seller, you have a number of obligations – both to the real estate professional you are hire, and to consumers who may want to buy your home.
At the beginning of your working relationship with your real estate professional, they will ask you to sign a written service agreement outlining the services they will provide, how they will be paid, and so on, but the agreement will also outline your obligations as a client.
The first obligation is extremely important. Your professional will attempt to sell your property to the best of their ability, but if they don’t have all the facts, they’re hampered from the start.
A material latent defect is a physical defect that is not visible and makes a property:
These are defects that may not be discoverable during a visual inspection of the property, even by a professional home inspector.
Material latent defects may also include:
These are things your professional will not know unless you tell them. If defects are discovered by a buyer during an inspection, or by their own real estate professional or lawyer when they review permits, real property reports, or title, it could put the transaction in jeopardy.
Sellers cannot hide defects or mislead buyers about the property’s condition or other attributes. You must disclose all material latent defects that you know about.
Your real estate professional must also disclose to buyers any material latent defects they know about. Real estate professionals cannot help hide or disguise material latent defects.
In Alberta, if you are married, but your spouse isn’t a registered owner on your property title, you may need their consent in order to sell the property. The seller representation agreement refers to spousal consent, and your real estate professional can provide you with more information. Dower rights originate from the Dower Act.
You must tell your real estate professional if you have a spouse who is not on title, and they can help you obtain written spousal consent to sell the property.