1. Not Properly Disclosing Known Property Issues

Property disclosure is an important part of selling a home in BC.

Sellers may have obligations regarding certain defects or issues with a property that aren’t easily discovered during a reasonable inspection. Real estate professionals also have disclosure obligations regarding known material latent defects.

This is why sellers should be careful when completing a Property Disclosure Statement (PDS) and answering questions about their property.

If you’re unsure whether a particular issue should be disclosed, speak with your Realtor and consider obtaining independent legal advice rather than making assumptions.

2. Not Understanding the Contract

A Contract of Purchase and Sale is a legally binding agreement, so sellers should understand what they’re agreeing to before accepting an offer.

The highest price isn’t necessarily the best offer. Sellers should also consider:

• Completion and possession dates
• Buyer subjects and conditions
• Deposit terms
• Included and excluded items
• Additional clauses or terms

If you’re unsure about the meaning or legal implications of something in an offer, get clarification before signing.

Prepare Before You Sell

Many potential issues can be addressed before your property reaches the market.

Gather information about previous renovations, permits, repairs and other important property details. Discuss any concerns with your Realtor early in the process so you can determine whether additional professional advice is needed.