Property Disclosure Statement

Did you know about the Property Disclosure Statement in the Okanagan Shuswap Real Estate Market?

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. 

  1. 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. 
  2. 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. 
  3. 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. 

As always the best way to avoid any problems is to use a licensed "FULL SERVICE" Real Estate Agent. 

Carla Lee

Carla Lee

CENTURY 21 Executives Realty Ltd.
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