The adage still applies: When in doubt, disclose. When selling, make sure you disclose everything. If you don’t, the neighbors will.
![](https://s.realtyninja.com/static/media/med/6455_0cc7835b_1535EAGLE.jpg)
When you are preparing to submit an offer on a property or have an accepted offer, you will receive a package of documents from the Sellers Agent giving you detailed information about the property. One of the most important documents is the Property Condition Disclosure Statement. What is it?
![](https://s.realtyninja.com/static/media/med/6455_8e820377_property_disclosure.jpeg)
![](https://s.realtyninja.com/static/media/med/6455_0cc7835b_1535EAGLE.jpg)
Failure to adequately disclose can lead to serious legal issues and potential penalties.
Historically, buyers did not have a lot of recourse when buying a home, leading to the term “caveat emptor,” meaning “let the buyer beware.”
This blog contains information about the PROPERTY DISCLOSURE STATEMENT.
The Property Disclosure Statement (PDS) is a form that is usually provided by the seller to the buyer PRIOR to writing an offer.
Important to both Buyer and Seller, a Property Disclosure Statement (or PDS) is meant, in part, to protect the Seller. By completing the PDS form (residential, strata and rural land), a Seller is able to disclose (in writing) all relevant facts about the property.
Important to both Buyer and Seller, a Property Disclosure Statement (or PDS) is meant, in part, to protect the Seller. By completing the PDS form (residential, strata and rural land), a Seller is able to disclose (in writing) all relevant facts about the property.
READ ABOUT THE PROPERTY DISCLOSURE STATEMENT HERE
The general rule of disclosure involve the following:
- If you have specific knowledge, you must disclose:
- If you are confident the answer to a question is NO, say so:
- If you genuinely do not know an answer, state, “Do not know”:
What is a property condition disclosure statement?.
There are 3 types of property condition disclosure statement.
- Residential Property Disclosure Statement
- Strata Property Disclosure Statement
- Rural Property Disclosure Statement.
Make sure you have the right one.
When you are preparing to submit an offer on a property or have an accepted offer, you will receive a package of documents from the Sellers Agent giving you detailed information about the property. One of the most important documents is the Property Condition Disclosure Statement. What is it?
![](https://s.realtyninja.com/static/media/med/6455_8e820377_property_disclosure.jpeg)
Here are the top categories to remember when sellers disclose:
- What comes with the property?
- What features does the property include?
- Are there any significant defects?
- Are there any hazardous materials or conditions?
- Are there any renovations done and did they require a permit? Was a permit granted?