Regina Property For Sale: How To Know If The Property Disclosure Statement Is Legit

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If you have plans to buy a home, you should know that you can request a Property Condition Disclosure Statement that clearly discloses any known defects or issues within the home. If you have plans to sell your home, you should know that you are legally required to disclose any known defects or issues in the property. The keyword here is known defects or issues. While browsing Regina property for sale you might be able to see some of the obvious issues but what about those issue’s that happened many years ago and have since been repaired? 

 

Here’s what you need to know:

Is the Property Condition Disclosure Statement (PCDS) a Legit Document?

You bet it is. Sellers have a legal responsibility to disclose previous or current defects, previous damage and any known issues in the home. By requesting this document as a term of the sale, you are protecting your own right to know about issues within the home you intend to purchase. It is only fair. 

A seller can refuse to complete the PCDS, however, “Failure or refusal to complete a Disclosure Statement does not exempt the SELLERS from any legal requirement to disclose known defects.” Buyers are free to make their own assumptions about your unwillingness to provide a PCDS. 

Sellers are NOT obligated to disclose obvious defects such as worn shingles, peeling paint or stained carpets. “While SELLERS are not required to disclose defects which are obvious on a simple visual inspection of the property by a BUYER, for their own protection, SELLERS are encouraged to disclose all known defects.” 

 

Buyers Are Required to Make Their Own Inquiries

The Property Condition Disclosure Statement does not disregard the Buyers responsibility to make their own inquiries about Regina property for sale.

BUYERS are strongly urged to make their own inquiries after receiving a Disclosure Statement, keeping in mind that:

1. The SELLER’S knowledge of the property may be incomplete or inaccurate


2. In some cases, it may not be possible to claim against the SELLER if the SELLER cannot be found or is insolvent or bankrupt or if the legal costs of pursuing the claim are too high


3. Some SELLERS may simply not know the answers to some of the questions in this Statement or may not have sufficient expertise to provide a BUYER with the information the BUYER requires


4. In some of the answers, the SELLER is only obligated to disclose defects that he is personally aware of, there may be defects that the SELLER is not aware of and therefore has not disclosed.

The buyer is urged to use the PCDS as a starting point when looking at Regina property for sale. The knowledge of the seller cannot be verified, the seller may not be aware of any defects, the seller may not fully understand the defect. It is recommended that Buyers have their own professional home inspections done in an attempt to fully understand the condition of the home.  

Sellers are required to disclose information pertaining to:

• Encroachments or unregistered rights of way
• Problems with any of the following systems or any equipment associated with such systems: plumbing, electrical, heating, central air conditioning, ventilation, humidification and air purification
• Problems with any built-in appliances or attached fixtures and associated equipment such as garage door opener, central vac, dishwasher, water softener, underground sprinklers, swimming pool, sauna, hot tub, satellite dish, t.v. antenna
• Any roof leaks or moisture or water problems or unrepaired water damage in the dwellings/improvements
• Past or present flooding or drainage problems on the property
• Unrepaired damage due to wind, fire, hail, insects or rodents
• Any structural defects in the dwellings/improvements
• Any improvements, additions or alterations made without the required permits
• Any tests for mould, fungi, or indoor air quality in the property (including any attempts to repair previous mould damage)
• Any restrictions on pets, children, age, parking, home-based business or rentals 

 

Sellers Who Have Never Lived in the Home Are Not Required to Complete a Property Condition Disclosure Statement

Disclosing known defects up front often negates a Buyers ability to negotiate a lower sale price because they have to consider the defects while making an offer on the property.

The Property Condition Disclosure Statement is a legitimate document. It is meant to protect the interests of both BUYER and SELLER. Keep this in mind while looking at Regina property for sale and if you’re selling any type of property.

 

Contact Me

I can provide additional information on the buying and selling process & how to protect yourself on both sides. Call me at (306) 552-7047 or send me an email today!