A water seal system is provided for a latch assembly that comprises a housing having a receptacle in which a handle extends therein. A trigger extends from the handle through an aperture in the receptacle to a latching mechanism on a rear side of the housing. The trigger is operative to cause the latching mechanism to operate, responsive to movement of the handle. The water seal system includes a gasket mounted to a metal backing plate, with slots extending through the backing plate and gasket. The trigger extends through the slots such that the backing plate abuts a stop surface of the trigger. Movement of the handle from the extended position to the retracted position is operative to cause the stop surface to urge the backing plate to compress the gasket adjacent portions of the receptacle that extend around the aperture.