Mortgagenomics Canada

Why don’t we start off with the definition of a Property Disclosure statement…and for the remainder of this talk I’ll refer to it in its abbreviated form, PDS: So here it is, the definition of a PDS: A document that is completed by the seller before listing their property on the MLS. The PDS was developed by the BC Real Estate Association and allows the seller to disclose details about their home to prospective purchasers (provinces across Canada have their own versions of this document, so look it up in your jurisdiction, or ask your realtor about it). Any latent (hidden/concealed) defect and/or patent (visible) defects should be disclosed in the document, particularly latent defects as prospective purchasers may not be aware of the potential defect just by viewing the property. The PDS is an ideal starting point when considering a purchase and is typically followed with a home inspection if the prospective buyer proceeds with an offer. The PDS is a critical document and should