Public articles
New OACIQ promise to purchase forms in effect as of June 22, 2021
As part of the measures implemented to address the issues raised by the overheated housing market, the Ministry of Finance and the OACIQ have agreed to amend the promise to purchase forms to reinforce the messages pertaining to the risks of waiving a pre-purchase inspection.
Latent defect is a very unpleasant surprise for both the buyer and the seller!
A latent defect is an unapparent problem that existed at the time of purchase, but you have not been informed about it; and it is so serious that you would probably not have bought the property or would have asked for a price reduction.
Shedding light on hidden defects
In real estate field, a defect is considered hidden if it has all the following features: […]
The legal warranty of ownership and quality
A person selling movable or immovable property must warrant that the property is free from any defect in title and any latent defects.