Explaining Property Disclosures in Vancouver – From Your Friendly Vancouver Mortgage Broker

Explaining Property Disclosures in Vancouver – From Your Friendly Vancouver Mortgage Broke

Every home has its own unique quirks. Unfortunately, some of these quirks translate into health and safety issues for a potential home buyer. As a Vancouver mortgage broker, we understand that it is important to learn everything about the home you’re thinking of buying, because it is a huge investment.

So, you might be wondering if there are any laws and regulations that exist here in Vancouver that provides any form of potential protection for new home buyer

The good news is that there are a few regulations in place that will help you make a more informed decision. And, if you’re selling a home, these same laws and regulations also apply to you, so it’s a two way street when it comes to buying or selling a home.

The bad news is that a lot of the onus in buying a home still falls squarely on the shoulders of the buyer.

 What Are the Disclosure Laws in Vancouver

There are only limited laws which exist in B.C. to protect a buyer. A seller is obligated to disclose any known defects when they go to sell a home. Similarly, a realtor is also obligated to advise a buyer of any known defects which were revealed to them by a seller

However, a number of property disclosure statements were introduced by the B.C. Real Estate Association in 1991. It is called the Property Disclosure Statement or PDS for short. The PDS is also complemented by the Strata Property Disclosure Statement (which applies to condominium related issues), and the Rural Property Disclosure Statement (which is for homes built on rural land)

This statement is not legally required nor administered. It is simply provided to the seller to complete. The bottom line is that if the seller refuses or neglects to complete the applicable PDS statement, you might want to consider it a red flag that warrants further investigation.

Issues about Home Disclosures in Vancouver

Both older and newer homes in Vancouver have their issues. For older homes, some of the most important issues involve the existence of asbestos, lead paint, mould, insect infestation, underground oil storage containers, flooding or leaks and foundation concerns.

Some of the newer homes also have concerns, but one of the hottest issues today is the prevalence of marijuana grow-ops that have risen to alarming proportions in the Vancouver area. Also, homes which were used as meth labs have also become an issue.

The problem became so glaring that the B.C. Real Estate Association amended its PDS form in 2004 so that the seller must indicate that the home they are selling was used as a grow-op or drug lab.

 Due Diligence is your Best Bet

The last thing anyone wants to discover is that they got stuck with the proverbial ‘money pit’ because of unknown problems. Even if you have legal recourse against a seller, the cost of legal expenses to sue a seller along with getting actually being re-compensated can be a major headache.

Buying real estate should always be take with ‘the buyer beware’ approach. You should use the services of a qualified and licensed home inspector who can help point any major problems before you spend that hard earned cash.

You can take it from this Vancouver mortgage broker that asking a lot of questions and using a home inspector can you save a lot of hassles down the road.