Jeff_Stern_Realty_Rev.pngJeff-Stern-Realty-Winnipeg-Manitoba.png

Need expert advice? Call Now - 204.946.5333

Tag List

Comparable Market Analysis (1)
Winnipeg Life Lease (2)
Helping People (2)
realtor winnipeg (3)
Environmentally responsible (1)
Manitoba Condominium (1)
Consumer Advocacy (1)
Not so funny experiences (1)
Pre-approved Mortgage (2)
Misrepresentation (1)
winnipeg house for sale (1)
Artificial Intelligence (1)
Property Features (1)
Property Maintenance (1)
executrix (1)
Homes Winnipeg (1)
Public Relations (1)
Ad Writing (1)
Smart Home (1)
Buying a home, Fear, Nervous, Patience, Real Estate Help (2)
Impaired Drivers (1)
Customer Reviews (1)
gift letter (1)
Selling A Home (14)
Real Estate Mortgage Insurance (1)
Real Estate Winnipeg (20)
Mortgage Life Insurance (1)
Comparative Market Analysis (1)
Hiring a Lawyer (1)
Real Estate (39)
condominiums (1)
Realtor (8)
Needs (1)
Renting a home (2)
Dementia (1)
Listing Photos (1)
Manitoba (1)
Landlord (2)
Fiduciary duty (1)
marketing (4)
Animal care (3)
Hybrid (1)
Markets (3)
Alcohol Addiction (1)
Fsbo (3)
Drunk Driving (1)
Winnipeg properties (6)
Choosing a home inspector (1)
Funny experiences (1)
Real estate advice (1)
Pet Loss (1)
Real Estate Help (1)
News (1)
Buyers (2)
Pride in work (1)
Maple Leaf Foods (1)
Animal Rescue (3)
Deposit (2)
winnipeg realtor (3)
Working for friends (1)
winnipeg real estat (1)
Due diligence (2)
mortgage pre-approval (1)
Income Tax (1)
Effective Copy (1)
Gen-x (1)
Life Insurance (2)
United Airlines (1)
professionalism (4)
Bequests (2)
fraud (1)
Jeff Stern REALTOR (2)
Market (2)
Media (1)
Responsible Pet Ownership (1)
Real Estate Photos (1)
Problem Solving (1)
Real Estate Law (1)
Risk (1)
Home features (2)
client resources (1)
Representing Friends (1)
Sell (3)
Relocating (1)
Homestead (1)
Open House (1)
Helpful Service (2)
Education (1)
Financing (1)
Lawyer (2)
Assisted living (1)
Listening (1)
Alzheimer's (1)
Wills and Estates (1)
Online Reviews (1)
Anti-Social (1)
Legal Pitfalls (2)
Manitoba Securities Commission,Manitoba Real Estate Association, Real Estate Agent, Real Estate Licence (1)
Relationships (1)
Integrity (1)
Service (2)
Cost of services (1)
Impaired Driving (1)
Being Helpful (1)
Last will and testament (1)
Reviews (1)
Insurance (1)
Vegan (1)
CMA (1)
Customer Satisfaction (5)
Agents (2)
Socializing (1)
Property Pictures (1)
Property Value (1)
Re-marriage (1)
Real Estate Appraisal (1)
Sellers (2)
Life Lease (1)
Mortgage approval (1)
Fear (1)
Estate planning (2)
Volunteering (1)
Blended families (1)
Mortgage (3)
Inheritance (2)
Homestead Rights (1)
Retirement (1)
Responsible Pet Care (1)
Commission (1)
Buy (2)
Addictions (2)
Bank approval (1)
real estate agent winnipeg (2)
Real Estate FAQs (3)
Winnipeg (9)
Aging in place (1)
FAQ (2)
Security (1)
personal (1)
Real Estate Tips (8)
Public Shaming (1)
Real Estate Advertising (1)
Aging (1)
Home Automation (1)
investing (1)
Friendships (1)
Market Report (1)
Estate (1)
Real Estate Negotating (2)
(5)
Manitoba Real Estate (2)
Renting (1)
Relocation (1)
winnipeg real estate agent (21)
Customer Service (17)
Mental Illness (1)
Real Estate Industry (12)
Mortgage Insurance (1)
Real Estate Market (4)
philanthropy (2)
Customer care (5)
Homelessness (1)
Customer Care (1)
co-signer (1)
agent resources (1)
Capital Gains (2)
Pet Care (3)
Manitoba Life Leases (1)
Residential Tenancies (2)
Value for your money (1)
Winnipeg Realtors (17)
Condominium (2)
Stress test (1)
Prices (1)
real estate ads (1)
Tenants (2)
Advice (1)
Vegetarian Lifestyle (1)
Will (2)
Home Security (1)
home inspection (5)
Advertising (2)
seniors (3)
FAQs (3)
buy house winnipeg (1)
Market Evaluation (2)
christmas (1)
Womens Shelter (1)
executor (1)
shelter (1)
Divorce (1)
Cats (2)
Fees (1)
Death (2)
A day in the life of a realtor (1)
Pets (3)
Buying A Home (19)
Choosing a Lawyer (1)
Financial planning (1)
Selling (5)
Cat rescue (1)
Manitoba Condos (2)
Lawsuit (1)
Hoarding (1)
Rehab (1)
Personal Care Home (1)
mentorship (1)
Downsizing (1)
Recovery (1)
Private sales (1)
Winnipeg Real Estate (19)
Nervous (1)
Ethics (1)
Closing costs (1)
Professional Behaviour (1)
Jeff Stern (2)
Social Media (1)
Health (1)
real estate marketing (2)
buyer representation (2)
Condos (3)
Real Estate Business (6)
Appraisal (1)
negotiation (1)
PR (1)
CREA (1)
Bereavement (1)
Wants (1)
Excellent Service (1)
Offer to Purchase (1)
Internet Security (1)
Patience (1)
New mortgage rules (1)
Buying (5)
Private selling (2)
Technology (1)
Tesla (1)
Market Forecast (2)
For sale by owner (1)
Customer expectation (3)
winnipeg condo (1)
Pet adoption (2)

Property Disclosure Statements – What Are They and Should Buyers Trust Them?

Jan 27, 2018

pexels-photo-375880.jpeg

 

If you’ve bought or sold a house in Manitoba you likely will have come across a document called the Property Disclosure Statement, essentially a required confession by the home seller about potential house issues. The form covers the gamut of details a home buyer might want to know about – everything to basement leaks, roof leaks, foundation cracks, and asbestos.

As a seller, it can feel like a death sentence to your sale to admit the quirks, problems, and history of your home. The form covers all the stuff we’d rather not admit. As a buyer, seeing that list of confessions can be freeing or frightening.

Whatever your feelings about it, there’s much more than meets the eye and what you don’t know CAN hurt you.

 

What is a Property Disclosure Statement

The Seller’s Property Disclosure Statement is form that contains a series of 19 yes or no questions relating to the property, and  it isn't mandatory but often asked for as part of the process of selling. The form is completed by the seller, and then the buyer looks at it and decides if they’re okay with those answers or not.
You can check out a copy of that form here.

 

Buyer Beware: What You Don’t Know About Property Disclosure Statements CAN Hurt You

In my years as a Winnipeg real estate agent, I’ve seen over and over how buyers make the same assumptions about what Property Disclosure Statements mean. Let’s expose and debunk them right here.

 

A Property Disclosure Statement is NOT a Property Inspection.

The form and all its answers and confessions do not a property inspection make. This is only a snapshot of the property, not an indepth analysis, and certainly not by a professional. The seller may not be aware of a crack in the foundation – that doesn’t mean there isn’t one. The seller may not be aware that the building contain asbestos, and so won’t list it as an issue. And they wouldn’t be in the wrong about it, either.

 

A Property Disclosure Statement is NOT a Guarantee

The form may be thorough, but the answers are only based on seller’s knowledge and on what they remember at the time of answering. The form must be completed truthfully, and it does give the seller’s overview about what they know about the property as of the date they complete document, but it’s not a guarantee of state of property. It only represents their knowledge.

 

A Property Disclosure Statement does protect the buyer, but only to a point

The form is not a future guarantee of the home’s condition, but if a buyer was to discover and could prove that the seller knew of an issue, the statement will help them if they decide to pursue litigation. It’s expensive, time consuming, and mentally taxing, so most people don’t bother, but the statement is at least a measure of safety. At least, in the event that a pre-existing, known-about issue comes up, the buyers have the ability to seek some kind of justice.

 

How Buyers Can Protect Themselves for Real

Ultimately, it’s on the buyer’s head to inspect what they’re buying. Fortunately, there are absolutely ways to protect yourself as a buyer, and to know if you’re getting a good property.

The biggest favor any buyer can do for themselves is not only to hire a professional home inspector for an unbiased, independent inspection on the house, but to make sure that inspector is certified as an RHI, a Registered Home Inspector.

Here’s the thing about home inspectors: anyone can hang a shingle and call themselves a home inspector. Seriously. You reading this right now, could go start a home inspecting business. Scary, no? 

It’s like high school in its very basic qualification process. RHIs on the other hand, go through a rigorous training, many additional hours (and at expense to them, so you know they’re serious), and are then evaluated and certified once they achieve a particular level of experience and excellence.

THAT’S the one you want inspecting your house.
THAT’S the inspector whose professional opinion you can trust.

It may not be a hard-core, solid, zero-risk proposition – after all, they’re not necessarily physically climbing into the attic or removing drywall to inspect the interior of each wall – but it’s the best, most expert assessment of a home’s health and integrity you can possibly get, and it WILL save you a lot of trouble.


It constantly baffles me when someone is considering a $300,000 purchase, but then hums and haws at a $500 inspection to ensure that enormous investment is even a good idea. To them I pass along the advice of Nike; Just Do It. You won’t be sorry you did. You might, however, be very sorry later that you didn’t… !

 

For more about how to hire a home inspector, I wrote this.

For a peek at the Manitoba Property Disclosure Statement, click here.

 

    PreApprovalChecklist_cover_image.jpgI also made this for you. 

    Protect yourself from a bad buying
    experience or financial fall-through


    (Trust me, I've seen too many of them, and
     with the new legislation, w
e're about to
     see more...) 



     This Pre-approval checklist is my gift to
     you. 


    Click here to get your complimentary copy. 

 



Category: Buying a Home


Leave a Reply

(Your email will not be publicly displayed.)



Captcha Code

Click the image to see another captcha.