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Disclosure Statements in Ontario Real Estate

The Seller Property Information Statement in Ontario

By Brian Madigan LL.B.

A friend and colleague, Bob Aaron writes for the Toronto Star.

Here's a link to his recent post about the use of the SPIS document

http://www.yourhome.ca/homes/columnsblogs/article/713888--honesty-won-t-resolve-disclosure-form-issues#

It is a very well-written article, and I agree with his comments 100%. By the way, I have published over 100 articles dealing with disclosure and the use of the SPIS Form.

Brian Madigan LL.B. (Sales Representative)

author and commentator on real estate matters

Royal LePage Innovators Realty

www.OntarioRealEstateSource.com

Posted by Brian Madigan LL.B. on 10/25/2009 02:02 PM

Comments (8)

Disclosure and the Use of the SPIS Document in Ontario in the Home Buying Channel

spis caveat emptor buyer beware disclosure ontario law bob aaron toronto star article

This post has been included in Ontario Information

8 Comments on Disclosure Statements in Ontario Real Estate

OCT

Canadians buying here near the beach are surprised at things they are told by agents inexperienced dealing with them. Instead of a frustrating experience it can be just like buying 'at home'.

John,

Is the Disclosure Statement in common usage in the Myrtle Beach area?

In Ontario, it varies from one Board to another.

However, almost all lawyers are against it.

Brian

Brian - I've always enjoyed reading Bob's articles. I also agree with this weekend's article of his. I don't know how OREA expects anyone to be able to properly answer the questions in the SPIS.

OCT

Hopefully, I'll have my RECO program finished in a couple of weeks, on this very point.

Brian, the SPIS has been the cause of many problems, since we were asked to start using it. On the one hand, we're not supposed to 'advise' clients ... on the other hand, if clients decide to fill it out, we're supposed to disclose that it's filled out ... and sometimes, unfortunately, clients are being very honest - as far as they know - and it still comes back to bite them, and us.

I agree that they shouldn't be filled out ... at least, not the way they are currently worded.

OCT

Actually, I do complete one, but in my own handwriting and never, ever signed by the client. I use it as a check list, so I'll know what the potential issues are going to be.

NOV

Hi Brian,

I am a bit confused by your last comment with respect to "I do complete one, but in my own handwriting and never, ever signed by the client. I use it as a check list, so I'll know what the potential issues are going to be."

Do you disclose the existence of an incomplete SPIS? I enjoy reading your articles over the past years and have a lot of respect for you so don't take my question the wrong way.

NOV

Don,

No, there isn't an official SPIS.

All I have in my file is an unvcompleted Form, with some notes that I made to myself.

So, it is not a Disclosure statement for the purposes of the Act.

Brian

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