What is the property disclosure statement?
In Greater Vancouver, the PDA is a document is filled out by the seller, with the assistance of the realtor, and is called the “Property Disclosure Statement.” (PDS)
The PDS contains specific information about the property that must be disclosed by the seller.
The seller signs this prior to or upon listing the property, and then the buyer will review it either prior to writing an offer or upon an accepted offer. It reviews details about the property for sale such as whether it has even been a marijuana grow-op, whether there has been any history of flooding or insect infestation, when the hot water tank and roof were last replaced, and if there are any latent or patent defects.
What are the different types of defects I need to disclose?
Patent defects are defects that are visible to the human eye – ones that you can see. Patent (also known as physical defects) would be like a scratch on the hardwood floors, a missing door knob, or a hole in the wall. These are not required to be disclosed in the property disclosure statement, as you “buy what you see.” However, the seller cannot intentionally conceal a patent defect. This is why it is always helpful to have an inspection, as they are a second look by an experienced professional. If the inspector does find major physical defects, then you have the option to back out of the deal, ask the seller to fix them prior to completion, or accept the defect and fix it yourself.
Latent defects are typically a much larger issue than patent defects, as by definition they are not seen under normal inspections. It might be something in the foundation, or behind the walls that are hidden. The law states that if the seller is aware of the latent defect and it would either make the home inhabitable; threaten the buyers health or safety; or be unfit for the Buyer’s intended purpose then the seller must disclose this defect.
*DOWNLOAD: THE PROPERTY DISCLOSURE STATEMENT FORM BC RESIDENTIAL*
*DOWNLOAD: THE PROPERTY DISCLOSURE STATEMENT FORM BC STRATA PROPERTIES*
*DOWNLOAD: THE PROPERTY DISCLOSURE STATEMENT FORM BC RURAL LAND ONLY*
