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The Property Disclosure Statement - What You Need to Know

The Property Disclosure Statement - What You Need to Know

When it comes time to sell your home, one way to protect yourself and potential buyers is to complete the Property Disclosure Statement (PDS).

It’s a detailed form that asks the property seller to disclose defects to prospective buyers. The PDS (and related forms: the Strata Property Disclosure Statement and the Rural Property Disclosure Statement) are required for all new listings in BC and can be legally incorporated into the contract for purchase and sale.

If you’re the seller and you know about a defect in the property, you must disclose it.

The PDS identifies potential problems such as buried oil tanks (typically found in the yards of older homes which were heated with oil), formaldehyde insulation, illegal rental suites, renovations, additions, decks and other renovations done without a permit, moisture problems or other issues.

If your home has changed hands several times, you may not know if there are underground tanks, or illegal decks. Find out as soon as possible since a buyer can ask you to investigate and rectify the situation.

The Strata Property Disclosure Statement covers condominium-specific issues such as special assessments, pet/rental/age restrictions; and building envelope problems. The Rural Property Disclosure Statement identifies issues such as well water quality, septic systems, and flooding problems.

The PDS is not required by law and is not a legally-binding warranty of the property’s condition. It is a report of what the seller knows about the property.

Sellers may also want to hire a professional home inspector who will uncover problems that can be corrected or repaired before your list your home.

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