Sarees 2

AS IT reported in last
week’s column, finding
and obtaining an accu-
rate inspection of a
property is an under-
taking filled with risk.

What should be examined
and how do vou censure the
inspector vou hire is compe-
teat? Lez’s have a look,

There are certain aspects
of home and property inspec:
tion that, under faw, vou are
expected to determine.

Asa property purchaser
you must examine the tide of
the property to ensure you
are Aware OF any “restrictions
of use” that affect the proper-
ty you are buying. This
would include such restric-
tiens as “building schemes,”
“right of ways,” “restrictive
covenants” and so on, plus
other encumbrances on the
title such as “Hens,” “lis pen-
dens” (a notice that a legal
action has been commenced
involving that property),
“caveats” ( a note on title
that claims an interest in the
land) and the existence of a
“Duplicate Certificate of
Tite.” Your realtor will be
able to assist you in obtaining
acopy of the title of a prop-
erty and expliining what the
search of that title turns up.

Next you must ensure that
the property you think you
are buying, is in fact the
property you are buying.

Occasionally a mistake
may be involved where the
legal description of the prop-
erty you are buying is incor-
rectly written in the contract.
Ensure the title registered in
the Land Registry Office and
the title written in your
Contract of Purchase are the
same.

Next you want to ensure
that the size (dimensions) of
the land you are buying are
in fact correct.

This involves a survey of
the land you are buying to

Michael

property
lines

ensure he property is the
size and contiguratien you
believe it to be. Most lenders
will insist that a “survey” has
been done before they will
exgeute a mortgage on the
property.

In B.C, a seller is
reguired to disclose any
“fatent” detects known to
exist with the property.
Latent defeet are tets that
are unknown to the buver
and so crucial ta the cnjov-
ment of the property thac the
buver would not have bought
had they known of the
detects (Le. serious water
penetration problems) and
cannot be discovered upon
reasonable inspection of the
property.

While the law states that a
seller must disclose any
“latent” defvets this is not
always adhered to. One of
the fundamental rules in any
real estate transaction is that
“everything must be in writ-
ing.” [ take this one step fur-
ther. If something to do with
a real estate transaction is not
in writing, assume it does not
exist. Fhis is the reason that
the real estate industry intro-
duced the “Property
Disclosure Statement.” In a
VDS a seller is supposed to
detail any defects they are
aware of with the property.

Most of the time they do
~— some sellers do not. The
most important fact to
remember is te put any ques-
tions you have about a prop-
erty “in writing” and have
the seller respand in kind.
This will, in the feast, give

inspect:

Te,
y

vou some Measure of
recourse. His for the purpos-
es of discovering fatent
deteets that we tur toa
Property inspector.

Again. ander BoC. Law,
there are certain respoisibili
ues of inspection that he with
the purchaser. These detects
are called “patente” deivcts
and are detmed as tacts that
ace visible to the eve which
the purchaser should have
discovered by a reasonably
caretil inspection of the
pre perky

This is. a good time to
introduce vou to, of retresh
vour memory on, the subject

of “disclaimers.” A “dis:
claimer™ is a written state:
ment whereby responsibility
for accuracy is rejected. It
often contains such phrases as
“while the information here
by viven has been obtained
from sources believed to be
reliable and has been pre:
pared carefully, the writer
does not make any represen:
tations as to the accuracy or
completeness of the
opinion(s} rendered.” Our
society bas now became so
Ittigious, “disclaimer” clauses
have become commonplace.

Certainly, this is the case
with my waiting these

Mist on th

Friday, January 29. 1999 - North Shore News ~ 47

columns, [write these
columns tor the sole purpose
of informing readers. Fam
het an expert in all areas and
one must nor cake evervthing
Tsay as the gospel.

J do research what [ write
and would aever knowingly
pass an incorrect informa
tian. Plowever, P will not
undertake to guarantee what
J say as tthe absolute facts ---
no writer would.

‘Take for example this
topic on property inspection.
fam nor gualitied, in mv

mind, to perform a “properiy

inspection.”
However, through my

POSS SHSSHEAETGSHSESHSHSSESEHSEHFSSSSESFFSSSAFSHTSESHSSHSSSHHSHSSTHSSSHSSHTSCHSHSHTHSHSHSSEHEEHSSHSSSSC HOCH OHHEOHOF OHHH IOBEOE

on needs know

experience EF do know enough
to inform people in what to
look for and look out for,
This ts fine for information
that one gains from a column
or book.

However, if vou are hiring,
an inspector to perforst a
specttic task vou should be
abie to rely on the informa-
tion he/she provides,
Unfortunately, many inspec-
tors will not give you this
assurance.

My point of view on this
is: Why am FE paying for
something 17 the person [ hire

See Check page 73

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