eSignature Lawfulness for Business Ethics and Conduct Disclosure Statement in United Kingdom

How to eSign a document: eSignature lawfulness for Business Ethics and Conduct Disclosure Statement in United Kingdom

[Music] the property disclosure statement is one of the forms commonly used in real estate transactions in bc this form is where sellers disclose facts about the condition of the property so that buyers can make an informed decision when considering purchasing the property in bc there are different types of property disclosure statements that are used depending on the type of property being sold two common examples are the property disclosure statement for residential properties and the property disclosure statement for rural properties while each of these documents covers similar kinds of disclosures the different versions of the property disclosure statement contain different questions depending on the property type the questions are typically asked based on the current condition of the property here are two examples of questions you will see are you aware of any additions or alterations made without a required permit and final inspection for example building electrical gas etc and are you aware of any moisture and or water problems in the walls basement or crawl space so how does it work the seller completes the property disclosure statement specific to the property type by reviewing each of the questions and initially in the appropriate box to complete their response all representations should be made with care so that they're not false or misleading sellers with limited knowledge about the property may choose to strike through or not complete the form this might happen if the property is occupied by a tenant or if the seller is listing the property as executor of an estate or as power of attorney for the owner even if a seller chooses not to complete the form if the seller is aware of a latent defect it must be disclosed to a buyer a latent defect is a defect that is not discoverable by a reasonable inspection or inquiry and makes the property unsafe or unfit for human habitation it must be disclosed to a buyer realtors have a duty to disclose a material latent defect as defined under the real estate services act while a latent defect is any defect that is not discoverable by a reasonable inspection or inquiry and that makes the property unsafe or unfit for human habitation a material latent defect as defined under the act is broader if a known material latent defect hasn't already been disclosed by the seller realtors must disclose this to their clients and all other parties in the transaction prior to the seller accepting an offer so what happens if issues are identified in the property disclosure statement in this case a buyer should consider doing additional due diligence to ensure they're making an informed purchasing decision while the property disclosure statement is not a mandatory form by completing it the seller may minimize the risk for potential claims after the sale of their property buyers may expect sellers to complete the property disclosure statement to help them understand the current condition of the home as known by the sellers based on this information a buyer might decide whether they wish to make an offer on the home based on the known current condition and what additional due diligence they may want to consider what happens if new information becomes available during the listing or sale of a property for example what if it turns out that renovations were done without a permit the home needs a new roof or there is a mold infestation it's best practice for the seller to amend the property disclosure statement to reflect their current knowledge of the property this helps the seller avoid making a misrepresentation if the property disclosure statement is incorporated into the contract of purchase and sale if new information becomes available after an offer is accepted the seller should seek legal advice to help them determine their disclosure requirements at the end of the day it's in the best interest of a buyer to ensure the property disclosure statement is completed reviewed and incorporated into an offer it's also important to know that the property disclosure statement reminds buyers of the importance of making their own inspections and inquiries since a seller's recollection or knowledge of their own property might be incomplete when a seller is unsure whether aspects of the building or property need to be disclosed they should seek independent legal advice if you have any questions about the property disclosure statements or other forms used in real estate transactions in bc ask your realtor realtors are here to help [Music] you