Manitoba Securities Commission releases report on " Sellers Property Condition " form

A report by John E. Neufeld , a Winnipeg real estate lawyer, recommends the use of a seller's " Property Condition Statement" form to be completed by sellers as part of the standard residential real estate transaction in Manitoba.  This is quite a complex issue with some significant ramifications to sellers and buyers. One would need to be careful that the seller's statement was not being taken as a warranty, or statement that will survive closing unless that was the sellers intent.  Buyers and Sellers would need to clarify that the seller's property condition statement [PCS] is or is not surviving closing in clause 10 [e[iv.  However, if a seller intentionally misrepresented a material fact in the PCS that could very well be used against the seller to the benefit of the buyer if litigation resulted.  Mr. Neufeld's report can be found at www.msc.gov.mb.ca/real_estate.

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