Property Disclosure Statements | 10 random buyer profiles in Calgary & Vancouver real estate market | I think Prime Rate is going up on Jan 26 | Rate predictions for 2022

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 be taken seriously by the seller when filling it out as they could be held liable if a defect was knowingly concealed. The PDS should equally be taken seriously by the buyer, especially if a mortgage is being used for the purchase.Property Disclosure Statements (as they are known in British Columbia) are increasingly becoming more critical especially with all the subject free offers in circulation across the country. They are often neglected or forgotten about as borrowers and brokers focus most of their attention on the more common mortgage conditions like income and down payment verification. Whatever you do, do not let disclosures on the PDS go unnoticed by either your mortgage broker or most importantly, your lender. Click Here to be redirected to the blog version of this episode.Contact Marko, he's a Mortgage Broker!604-800-9593 direct Vancouver403-606-3751 direct Calgarymarkogelo.comFacebook@markogelo (Twitter)MarkoMusic (SoundCloud Account)...all podcast music tracks are performed and produced by Marko Hosted on Acast. See acast.com/privacy for more information.