Q - I just purchased a home and had to sign the Property Disclosure Statement completed by the Seller. Does that mean the home is guaranteed?
A - In Canada, it is a common practice, when a seller lists his property, to complete a Property Disclosure Statement (PDS). The form includes a variety of questions about the property which the seller must honestly answer to the best of his knowledge. There must be full disclosure about the property. This does not imply any kind of guarantee.
The buyer should use this information as a basis to make further inquiries. He should not rely solely on the PDS. It is recommended that he hire a Home Inspector before finalizing the contract.
The PDS is subject to the buyer's approval and forms part of the contract. It is wise to make all property inquiries and do a home inspection before signing the PDS.
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