You Won't Believe BC's Property Disclosure Statement!

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The Property Disclosure Statement (PDS) is a form in which sellers disclose facts about the condition of the property. This form is important for buyers as it provides them with information about the property that the seller is aware of including any material latent defects (serious defects that are not commonly discoverable during an inspection). Disclosure of all known issues in the PDS allows the buyer the opportunity to do additional due diligence that they may not have done had they not been made aware of the issues.

While the PDS is not a mandatory form in BC, it does provide a layer of protection to the seller as well, minimizing the risk of potential claims after the sale of the property for non-disclosure.

In this video, Surrey REALTOR® Steve Karrasch of Macdonald Realty walks through the current Property Disclosure Statement - Residential form providing information on how to correctly complete the form and how critical it is for a seller to complete this form honestly with full disclosure of the known condition of the property.

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The opinions expressed herein are solely that of Steve Karrasch PREC and not Macdonald Realty or the FVREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement.