Required Disclosures When Selling a Home
When selling your home, you may be obligated to disclose problems that could affect the property’s value or desirability. All Canadian MLS listing agreements require that sellers submit Property Disclosure Statement. It has to describe the property, and list to the best of your knowledge any defects, debts or claims against it.
The Property Disclosure Statement includes
Property Details
» Property size (lot specification, number of rooms, etc), building materials
» Heating and air conditioning systems
» Appliances, furniture or other moveable items included in the sale
» Any portable items excluded from the sale
Financial Information
» Asking price for the home
» Your mortgage information (balance, payment schedule, maturity date)
» Property tax
» Any legal claims on the property
Employment Disclosure
» Your agent or broker
» Employment type - seller or dual agency
» Agreed services
» The length of the contract
» Commission you would pay
Disclosure is used to protect the interest of the buyer, and sellers who deliberately conceal information may be held liable.