Home > Expert Advice > Real Estate Lexicon > Real Estate Terms that Starts with G

Real estate terms that begin with G

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

Letter G

Ten-year guarantee

This mandatory warranty covers all construction defects that compromise the solidity of the work or make it unfit for its purpose for 10 years. This warranty also covers all damages that affect the strength of the inseparable equipment elements of the building. The starting point of the ten-year guarantee is the reception of the house by the client.

Guarantee of hidden defects

The seller of a good owes his buyer the guarantee of hidden defects. A hidden defect is a defect that is not detectable at the time of sale, and that makes the good unfit for the use for which the buyer intends it.
If he discovers a hidden defect, the buyer can request the return of the sale price, by returning the property, or a reduction in the price, if he wishes to keep the property. He must act within 2 years from the discovery of the defect.
The buyer can get additional compensation if the seller knew about the defect and hid it from the buyer.
Attention: it is usual to mention a clause of non-guarantee of hidden defects, in the deed of sale of a property between individuals. This clause exempts the seller from his liability, unless he was aware of the defect before the sale.