The adage still applies: When in doubt, disclose. When selling, make sure you disclose everything. If you don’t, the neighbors will.
When you are preparing to submit an offer on a property or have an accepted offer, you will receive a package of documents from the Sellers Agent giving you detailed information about the property. One of the most important documents is the Property Condition Disclosure Statement. What is it?
Failure to adequately disclose can lead to serious legal issues and potential penalties.
Historically, buyers did not have a lot of recourse when buying a home, leading to the term “caveat emptor,” meaning “let the buyer beware.”
This blog contains information about the PROPERTY DISCLOSURE STATEMENT.
The Property Disclosure Statement (PDS) is a form that is usually provided by the seller to the buyer PRIOR to writing an offer.
Important to both Buyer and Seller, a Property Disclosure Statement (or PDS) is meant, in part, to protect the Seller. By completing the PDS form (residential, strata and rural land), a Seller is able to disclose (in writing) all relevant facts about the property.
Important to both Buyer and Seller, a Property Disclosure Statement (or PDS) is meant, in part, to protect the Seller. By completing the PDS form (residential, strata and rural land), a Seller is able to disclose (in writing) all relevant facts about the property.
READ ABOUT THE PROPERTY DISCLOSURE STATEMENT HERE
The general rule of disclosure involve the following:
- If you have specific knowledge, you must disclose:
- If you are confident the answer to a question is NO, say so:
- If you genuinely do not know an answer, state, “Do not know”:
What is a property condition disclosure statement?.
There are 3 types of property condition disclosure statement.
- Residential Property Disclosure Statement
- Strata Property Disclosure Statement
- Rural Property Disclosure Statement.
Make sure you have the right one.
When you are preparing to submit an offer on a property or have an accepted offer, you will receive a package of documents from the Sellers Agent giving you detailed information about the property. One of the most important documents is the Property Condition Disclosure Statement. What is it?
Here are the top categories to remember when sellers disclose:
- What comes with the property?
- What features does the property include?
- Are there any significant defects?
- Are there any hazardous materials or conditions?
- Are there any renovations done and did they require a permit? Was a permit granted?