Find out what a warranty and guarantee are, what the obligations of the seller of the property are, and what this means for the buyer.
Warranty – your rights as a buyer
The warranty is one of the key institutions protecting buyers in the real estate market. It is a statutorily guaranteed right that obliges the seller to be responsible for physical and legal defects in the property.
This means that if the purchased property has defects that were not previously disclosed, the buyer can assert his rights under the warranty.
Under the warranty, the buyer has the right to demand the repair of defects, a reduction in the price, or in extreme cases, even withdraw from the contract. It is important to remember that the warranty is valid for five years from the moment the property is handed over, giving the buyer a wide scope to protect their interests.
Guarantee – voluntary seller obligation
A guarantee is an additional, voluntary obligation of the seller, which may or may not be provided during the sale of the property. Unlike the warranty, a guarantee is not mandatory, and its terms depend solely on the agreement between the parties. It may include, for example, the repair of specific defects in the property within a specified time.
Sellers often try to avoid responsibility by limiting their obligations only to the guarantee. Therefore, it is important to carefully review the terms of the contract and understand the difference between a warranty and a guarantee.
More about a safe property purchase and how to avoid legal pitfalls can be found in our article: Why you need a real estate agent to buy a flat.
What are the seller's obligations?
The seller has a duty to inform the buyer of any defects in the property. Whether these are physical defects, such as leaks or structural problems, or legal defects, such as mortgage encumbrances, the seller must disclose this information before finalising the transaction.
Often sellers try to avoid liability by claiming that the buyer knew about the defects before the purchase or that the defect is not material. In such cases, it is crucial to have proper documentation and to know one’s rights.
It is also worth considering working with a professional real estate agency that can help avoid potential problems.
Which real estate agency to choose?
Choosing the right real estate agency can make a significant difference to the transaction and safeguard your interests. A good estate agency will ensure that all the paperwork is legally compliant and that your rights as a seller or buyer are properly protected.
Find out which real estate agency to choose to ensure that your transaction proceeds smoothly.
Summary - warranty and guarantee
The warranty and guarantee are two essential tools that protect buyers in the property market. Knowing one’s rights and the seller’s obligations is crucial to avoid unpleasant surprises after buying a property.
It is also worth remembering that working with a professional real estate agency can make the entire process of selling or buying a property significantly easier.
Thinking of selling a property? Our experienced team can guide you through every step of the process. Explore our services and let’s get started.
If you have any questions about the warranty or guarantee, contact us – our experts are at your service!
