If you are using a licensed Realtor in the Okanagan Shuswap (You are... right? You wouldn't take that risk without using one...right?) he or she is required to get you to fill in a Property Disclosure Statement or PDS. This is a 2 or 3 page document that asks you a bunch of questions about your property. The Okanagan Mainline Real Estate Board requires all Realtors to either have one filled out for all properties listed except commercial properties or have a note in the file that says the seller refused to fill one out. Here are some pertinent points about the PDS.
- It is not a statement of fact. You do not have to research the answers. It is simply a statement of what you know about your property. If you do not know there is a place to answer that way.
- If you refuse to fill one in as a seller that makes a statement to any potential buyers that is usually interpreted as, "You are hiding something" Therefore, you should fill one out to the best of your abilities.
- If you are a buyer make sure your Realtor includes a clause in the contract that incorporates the PDS into your contract. Otherwise if there is problem with your purchase it is difficult to use the PDS in any legal action.
- Click the link below to view a copy of our Residential Property Disclosure Statement
As always the best way to avoid any problems is to use a licensed "FULL SERVICE" Real Estate Agent.