Disclosures

Real Estate

Disclosures

  If you’re in the process of selling a home, when it comes to disclosures, ten different real estate agents will tell you ten different things. Some will say that it’s not necessary to disclose that someone died on your property. Some will say to disclose every nut that’s been tightened and every faucet drip that’s occurred. The fact is that laws govern this very issue. While they vary from province to province, there are common law and ethical principles at work in Canada as well. The best thing to do, especially if you’ve heard a suggestion that seems too extreme one way or another, is to consult a real estate lawyer who knows your province. Also a great source of information locally is the Nova Scotia Real Estate Commission, They can be reached at 902-468-3511

I recently had a property sale where an item needed repairing after the Agreement of Sale was put in place, but before the closing had occurred. Ethically as well as legally it was clear that the issue would have to be addressed prior to closing, and that is what was done

The general rule of thumb is that anything that lowers the perceived value of the property or anything that would affect the buyer's decision to purchase or the price and terms the buyer offers should be disclosed. Some tips: Answer all questions to the best of your ability. Don’t sweat the small stuff, but make sure you disclose everything that you’d want disclosed to you if you were the buyer. If you don’t know the answer to a question answer “Do Not Know.” But not having precise facts about defects you know exist does not permit you to answer “Do Not Know” to every question. This will always raise a red flag. Just use your common sense and be honest and fair.