In Nanaimo, as well as the
rest of B.C., it is law that you must complete a Property Disclosure Statement
(PDS) when listing a home. This document is completed by the
seller about the property they are trying to sell and is part of the paperwork
necessary to list a house. There are specific property disclosure
statements for residential, strata and rural property. All parties to the sales
contract must sign and date the property disclosure statement. This PDS does
not mean that the buyer should not have a home inspection. This
inspection helps buyers understand the condition of the property and what
repairs may be needed.
Nanaimo Property Disclosure Statement
A property disclosure statement is important
because the seller and the seller’s Realtor must, by law, disclose any known
material latent defects in the property to the buyer. The property
disclosure statement helps protect against allegations of negligent misrepresentation.
Some trouble areas include: boundaries (property lines), insulation, roof
condition, septic tanks, structural problems and well water. When a buyer views
a property disclosure statement they should still plan to make their own
inquiries about the property. This is especially important if the seller
has initialed that he/she has no knowledge as to the status
of a question on the PDS. Many questions on the PDS are worded “Are
you aware… or To the best of your knowledge…” In many cases a seller may
not know the status of insulation etc.