Incomplete Property Disclosure Statement Unacceptable

By
Home Inspector with EKAN Home Inspection CPBC #69177

Property Disclosure Statements are used throughout metro-Vancouver in British Columbia. But attention to completeness is too often ignored. Here's why it's important to have the form accurate.

A Property Disclosure Statement (PDS) lists potential issues such as:

  • underground oil storage tanks
  • asbestos insulation
  • limitations on development due to raparian zone or heritage designation
  • water or moisture issues in the attic, crawlspace, walls
  • unauthorized rental suites
  • used as grow-op or drug house
  • renovations without permits
  • unregistered easements or encroachments

 

Listing agents have a responsibility to ensure the PDS is completed and available for viewing by a prospective buyer. However it is all too easy to circumvent the document by ticking off the 'Do Not Know' box. From my persective the real value here is to identify latent defects, which is a fault in the property that could not have been discovered by a reasonably thorough inspection before the sale. Home inspectors look for patent defects, those that can be discovered by inspection and vigilance on the part of the inspector or buyer.  

As a buyer, I would hold the seller's agent accountable to review and revise every 'Do Not Know' entry in the PDS. Real estate transaction fees demand a high level of service, which includes 'digging deep' for answers to the Property Disclosure Statement.

Posted by

www.ekan.biz

EKAN Home & Property Inspections

Sunshine Coast, North Vancouver, West Vancouver 

Comments (2)

Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Eugene.  Reality dictates that all of our questions about a property may not be answered in a disclosure, but we should hire the professionals that can discover the secrets.

Dec 08, 2017 03:58 AM
Eugene Kanciar
EKAN Home Inspection - West Vancouver, BC
Our Experience, Your Peace-of-Mind

Morning Gabe, appreciate the feedback. If further investigation is required by professionals to change the answer from "Do Not Know" to a definitive "Yes/No" then it should be done in preparation for the sale. I see this as the seller's responsibility and listing agent's task to follow-up. Why you would not get this done before posting on MLS? The issue here is to get the answer and not leave it as you say, a 'secret'. 

 

Dec 08, 2017 06:42 AM