Consult your professional realtor® and or lawyer about having the vendor of the subject property complete a Seller Property Information Sheet (SPIS) or vendor disclosure document for your review. After all, it’s likely the single biggest purchase you will make in your lifetime.
The discovery of defects that were known but undisclosed at the time of purchase can spoil what should be one of the happiest moments in a purchaser’s life. You should be able to ask and get answers to any questions you have about the property. A document such as this is a great starting place in doing your due diligence on the property.
Although some feel these disclosure forms are contentious, we believe that more information through full disclosure about the property can help to better inform buyers about one of the largest investments in their lives. Read more from the Ontario Real Estate Association on how buyers can protect themselves by asking for a Seller Property Information Statement (SPIS) from vendors.