Beware of signing OREA Seller Property Information Statement disclosure form

Submitted by Jasmina on Sun, 2006-10-22 22:29.

Bob AaronSPIS is one of the most controversial forms used in the real estate field today

The Ontario Real Estate Association form lists 47 questions to be answered in writing by the sellers of each home. At present, the forms are not mandatory in Ontario, and in my experience they have been a gold mine for litigation lawyers — creating more problems and disputes than they were intended to avoid... Sellers who are presented with these forms by listing agents are invited to answer — and be responsible for — questions which are well beyond the knowledge of the average homeowner... Signing a disclosure statement is completely voluntary. I always tell sellers never to sign one, but if they do they should always get the number of a litigation lawyer. A good one. Chances are they're going to need it.