What You Need to Know about Seller's Disclosure before Selling Your Home in Calgary
Before setting out to sell your home in Calgary, take some time to make sure you understand the process. We have outlined what you need to know about a Sellers Disclosure Form (SDF) below to help you become more prepared.
The best way to ensure a positive home selling experience is to choose the right team of real estate professionals. If you are looking for support when selling your home in Calgary in 2023, we are here to help. Contact us any time to learn more.
To better understand the Sellers Disclosure Form, check out the information below.
What is a Sellers Disclosure Form (SDF)?
In Canada, sellers provide their buyers with any relevant information regarding the condition of the home. During the selling process, you will provide your potential buyers with a Property Condition Statement (PCS), which your agent will help you put together based on any known factors that may affect the condition of the home, especially those that may not be revealed on a home inspection report.
Some of the things you need to disclosure might include:
- A basement apartment not built up to legal codes
- Any history of damage in the home, like a flood or fire
- Problems with the foundation, like leaking or cracking
- Known issues with the roof, including leaking or other damage
Am I legally required to provide a disclosure?
At this time, sellers are not legally required to provide a disclosure. However, because it is the standard practice, sellers who opt not to provide a disclosure may have a harder time selling the house. Refusing to offer a PCS or SDF may lead buyers to assume that there is something you are hiding. Providing this disclosure can give your potential buyers more confidence to move forward with the purchase.
Sellers are expected to disclose all material facts that they are aware of regarding the property's condition. Material facts are defined as any information that could reasonably influence a buyer's decision to purchase or affect the value or use of the property. Sellers should always provide accurate and complete information to the best of their knowledge.
What happens if an issue is revealed that I did not disclose?
While it is possible that your home has issues you do not know about and that the home inspection report will not reveal, you should do your best to provide an honest report of the condition of your home. If you knowingly conceal a problem with the home, you could end up liable in court at a future date. The bottom line is that honesty is the best policy here.
Is a Sellers Disclosure Form complicated to fill out?
Filling out the disclosure paperwork is a relatively simple process. Simply answer the questions to the best of your ability, honestly providing all relevant information. If you have concerns about what needs to be disclosed, that's where we come in. Relying on a team of experienced local real estate professionals is key to enjoying a smooth and efficient home selling process.
Can the buyers ask follow up questions about what is disclosed?
Depending on what is disclosed in the SDF or PCS, your buyers may want to ask follow up questions. Within reason, you should provide all the details you can to provide your buyers with confidence to move forward. Even if this results in negotiating the purchase price or having to conduct some repairs before closing, you will be glad you have nothing to hide and the process was completed honestly.