So, here's what just happened. 

A buyer and I found a nice 1 bedroom we liked, and we decided to gather more information on it, with the intention of writing an offer. 

One document that was available to view  was something called a MATERIAL LATENT DEFECT disclosure.  

What that is is a sheet that discloses items that may be potential issues.  Common reasons to see a material latent defect disclosure are things like unauthorized suites, or renovations that were done without permits or strata permission.

This was the case.  

So this unit in particular, had a few things done that visibly required strata approval, such as the addition of an aftermarket heat pump, pot lights and the removal of a kitchen wall.  

One thing that the disclosure did say is that the strata knew about it, so i was like great! 

So we wrote an offer on the property, but i also added a document for the seller to sign called authroization to inquire.  

Pretty much its a document that gve me and my buyer authorization to talk to strata, to make sure the renovations that this unit was to strata's knowledge.

Now, this property has now been on the market for 6 months in an area that is typically a balanced market, even in this current market.  

We were told that we'd get a response right away, but we had to wait a few hours.....only to hear that there is another offer coming. 

So, we were asked, just like any multiple offer situation, if we wanted to revise our offer, we said no. 

They also asked me if i needed to get the inquiry authorization signed...i said absolutely.  


So, as it went late night, we receieved a response saying we didn't get the property.  

No skin off of my back, but i did ask the realtor to give me a shout if it fell through.  This is where part 2 of the story comes in. 

Bottom line, take huge caution on dealing with material latent defects especially with strata properties. These are items that you would be adopting as the new owner.  There is absolutely nothing more solid than a paper trail provided by strata.  And obviously that is something you want to make sure you have when you're selling too. So if that paper trail doesn't exist, make sure you're on full alert and either take the steps to find it yourself or move on. 

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