'Full disclosure of property defects will be made important by CPA'
http://www.iolproperty.co.za/roller/news/entry/full_disclosure_of_property_defects
An avalanche of comment about the Consumer Protection Act, the regulations of which will be published in March 2011, has not yet fully defined the rules with which all South African manufacturers and suppliers will have to comply but, says Tony Clarke, managing director of Rawson Properties, what is clear is that in the residential property marketing sector, full disclosure of any defects or potential defects will become essential.
“It will in fact be illegal not to mention these – and to put them in writing,” said Clarke. “As I read the new Act, the failure to disclose a defect could lead to the cancellation of the sale agreement and the refunding of the full sale price.”
“With the CPA no matter how little the seller knew (or could have known) of the problem, he could still be held liable for it when it crops up after transfer.”
Posted via email from SA Home Loan News
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