When buying or selling a home in Vancouver, many rely on the property disclosure statement to highlight any known problems or defects to prospective buyers. It’s not only a key component of the transaction, but lenders require it too. The forms have become mandatory when buying or selling real estate, but hundreds of Canadians have still ended up in court fighting over problems that weren’t disclosed.

This couple is embroiled in civil law suit over the sale of their home in Delta because of a disclosure statement.

The following paragraph is from the Real Estate Board of Greater Vancouver

This document is not required by law, however, the REALTORS® of BC decided to make the PDS (and its complementary forms, the Strata Property Disclosure Statement and the Rural Property Disclosure Statement) available to any client wanting to list a home on the MLS®. The PDS can be legally incorporated into the Contract for Purchase and Sale.

As seen above, the REALTORS® of BC have made the PDS a legal part of the contract of purchase and sale.

The title of this post should be “Why you MUST get an in-depth home inspection”.

It seems many buyers may be getting a false sense of security when they see this form.

If you’re not sure what this form looks like, click here to see a sample Property Disclosure Statement.

My suggestion, ALWAYS use a highly recommended Home Inspector.

Mark Fidgett is a Vancouver mortgage broker and the driver behind www.NotaPennyDown.com

Your Vancouver Mortgage Broker For Life


P.S. Who’s the next person you know who wants to save thousands off their mortgage? Be sure to give me a call so we can help them! 604-273-2002

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