If you are a property owner and have decided to enter the market, you may have been wondering what your disclosure requirements are. Disclosure is a very complex topic and each situation can be very different from the next. If you need advice we recommend that you reach out to a professional for specific advice.
Here is a good video on the topic of disclosure and what sellers and salespeople need to disclose when selling properties.
The key lessons to remember from this video are:
- Patent or visible defects do not need to be disclosed
- Latent or hidden defects need to be disclosed by the seller
- Psychological stigmas do not have to be disclosed
- Be wary of sellers who ask you not to disclose
Source:
Mark Weisleder is a Partner, author and speaker at the law firm Real Estate Lawyers.ca LLP. Contact him at mark@realestatelawyers.ca or toll free at 1-888-876-5529
