What is a Property Disclosure Statement?
When homeowners list their property for sale, they will be asked to complete a Property Disclosure Statment. This document will give potential buyers more detailed information about the condition of the property they are viewing.
What should be included in a Property Disclosure Statement?
The PDS itemizes potential problems such as asbestos insulation, unauthorized rental suites, renovations done without a permit and unregistered easements or encroachments, and includes a wide range of questions such as:
- Are you aware of any past or present underground oil storage tanks(s) on the premises?
- Are you aware of any moisture and/or water problems in the walls, basement or crawl space?
- Are you aware if the premises have been used as a marijuana grow operation or to manufacture illegal drugs?
- Are you aware if the property, or any portion of the property, is designated or proposed for designation as a “heritage site” or of “heritage value” under the Heritage Conservation Act or under municipal legislation?
There are separate disclosure for residential, strata title properties and rural properties.
The information and services offered on this Site are provided with the understanding that neither Dominion Lending Centres Inc., nor its suppliers or users are engaged in rendering legal or other professional services or advice. Although we strive for accuracy, timeliness and completeness, information quoted is not guaranteed and may change at any time and the information you obtain at this site is not, nor is it intended to be, legal advice. If you require specific advice regarding your own situation please contact me for consultation.