Buyers, you do not want to miss this essential document!
Understanding the seller’s disclosure, also known as a Property Disclosure Statement (PDS), is integral to your buyer's due diligence.
It’s a legal document provided by the seller that details the condition of the property. It helps you as the buyer make an informed decision and decide whether or not to buy the property. British Colunbia require a seller’s disclosure as it supports both parties. In contrast, other Provinces only require you to disclose a latent material defect (a defect in the home that is not discoverable through an inspection and may make the home dangerous to live in or even inhabitable).
Buyers can decide whether or not they want to buy the property. And sellers will be able to protect themselves from getting sued by the buyers if something is found to be terribly wrong after the sale is complete.
Your agent will guide you through the process of reviewing and understanding the seller’s disclosure so you can make the best decision for your real estate needs. If you have any questions about this process, don't hesitate to reach out!
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Anna Litvak Joseph PREC*
Top 10% of realtors in Greater Vancouver
BC Prime Real Estate Group
Keller Williams Elite Realty, Port Coquitlam, B.C.