Property Condition Disclosures – Honesty the Only Safe Policy in Selling a Vancouver Home

Posted by Liliana Sorescu on Monday, September 22nd, 2014 at 3:13pm.

Some Vancouver home sellers are reluctant to "tell all" in their property condition reports. They fear that if potential buyers are informed about some defect in the house, no one will purchase.
They're right, of course. There are some defects that will prevent some buyers from going forward.
It's still wiser to be completely honest, especially when there's an ongoing problem that will affect a buyer's quiet enjoyment of the home.
It may take a few weeks or months, but the buyers will find out that the problem existed prior to the purchase. And in most cases, they will bring suit against the sellers for nondisclosure.
Courts don't look favorably upon people who lie, so damages are generally significant.
In one case of a rural home sale, the seller deliberately hid the fact of a failing septic system. When the system failed, the buyers brought suit and were awarded triple damages. It would have been far cheaper for the sellers to simply admit there was a problem and fix it prior to closing.
In an August 2014 case, basketball player Randy Tomjanovich was required to pay his buyers over $2.8 million, plus punitive damages of $250,000 – all for failing to disclose active water leaks. Because he then tried (and failed) to blame it on his agent, he also had to pay $348,372 for his agent's attorney fees. And of course, he had his own attorney fees to pay.
When your Vancouver real estate agent asks you to fill out a property condition report prior to listing, be honest. To be deceptive is to risk not only your integrity, but your bank account. 

Leave a Comment