When selling or buying a home, one often wonders whether some things are necessary to disclose. There are things which seem to scare potential buyers, and thus one may decide to keep quiet about them. However, there are legal requirements for disclosure which need to be met by all home sellers. This applies to whether you are using a property investments company such as Guelph Investment Properties or you are selling directly to the new owner. Failure to the disclosure may have long-term repercussions on you. Unfortunately, disclosure forms are hardly available and most people are not aware of the same. To make it easier for you, we have compiled a list of the things you are required to disclose when selling a home in Ontario legally.
Is your house being haunted by ghosts? As crazy as it may sound, this is something you are legally required to disclose. If your home has been haunted n the past or you have had an exorcism performed, you must disclose this irrespective of how long ago this happened.
It is common practice for homeowners to paint their houses once they decide to sell them quickly. If you have used lead-based paints, you must disclose this to the property agency or the direct buyer. This is irrespective of whether the paint has been removed. However, in case you do not know whether the paint was used in the past, you are not legally required to investigate.
Does your basement flood or do you get standing water in your backyard? If yes, then you have to give out this information whether you have solved the problem or not. So long as there is a history of the above, it is a must that you disclose; else you can be sued in a court of law.
A seller is required to disclose any pest infestation. It could be mice, snakes, bats, bedbugs, etc.
These are cases of violent crime, suicide or murder. If this occurred on the property less than three years ago, you are required to disclose it whether you are asked or not.
Patent defects are defects which can be seen. This includes stains, cracks visible on the foundation, missing safety railing, etc. Although one can see these defects during a home inspection, it is necessary that you disclose them. No disclosure is too big or too small.
On the other hand, latent defects are those who are not discoverable easily. They include flooding history, past fire incident, etc. If the buyer already knows about such, it is a legal requirement to disclose it to the property Investment Company or potential buyer.
The set of disclosures are necessary because some of them are potential safety and health risks to the new owners. As a seller or buyer, you face a risk of being sued for failure to disclose. To stay away from trouble, comply with the above legal disclosures when selling a property.…