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.
Vi Brown provides answers to your Canadian real estate questions. Contact her with your questions. Her book 'The Real Estate Process: Pros Discuss Buying & Selling Your Home' is filled with information regarding the lawyer's, home inspector's, home stager's and the real estate agent's roles in this process. Ideal reference for consumers entering the market and also great marketing tool for agents recruiting clients. A unique book written by four real estate pros.
Featured Post
Open House Concerns
Q - Recently in the news there was a report about property being stolen at an Open House. Is this a common occurrence and can anything ...

No comments:
Post a Comment