Buyers Due Diligence
Sellers Disclosure
Sellers Disclosure (PDS) Background The Property Condition Disclosure Statement (PCDS) is a disclosure of what a Seller knows about their property. Once you approve it, it becomes part of the contract, and it may (confirm this with your lawyer) provide legal protections if a Seller does not disclose all known issues. A Seller is not required to provide a PCDS in British Columbia. If a Seller is not willing to provide a PCDS, they may not be disclosing a major issue with the property.
Sellers Disclosure (PDS) Background Sellers of tenanted properties very often may provide a PCDS, but will scratch out all the questions on the document. Sellers do this because they have never lived in the property or have not lived in it for a considerable amount of time and therefore do not know enough about the condition of the property to comment on a potentially legally binding PCDS. The PCDS should be a guide to further investigation on the property. Along with your Home Inspector, and lawyer, we should be able to get answers to any questions that arise.
Sellers Disclosure (PDS) Review Points •
Is the correct form of the document provided for the property type?
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Is the Name the same as the name on the Contract?
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Is the date of the disclosure consistent to the current listing?
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Is the information consistent with the Listing sheet? eg: sources of water / sewerage disposal
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Are there appropriate notations of alterations and confirmation of permits?
Got Questions? Depending on the location of the property - there may or may not be information you can request from the local governing authority. Your home inspector may have some insight as to items that warrant further exploration. The law states that if the seller is aware of the latent defect and it would either make the home inhabitable; threaten the buyers health or safety; or be unfit for the Buyer’s intended purpose then the seller must disclose this defect.
Ask Us Anything.
We want to make sure you know exactly what you are buying.