Buyers should have full knowledge of relevant facts about your property so they can make an informed decision. Being transparent upfront also reduces chances of legal disputes after the sale. Talk to your agent about what you should disclose to potential buyers.
Here are some examples of possible concerns about your home that you should discuss with your agent when it comes to disclosures:
- Hidden defects (also sometimes referred to as latent defects) include things like structural damage, asbestos, or toxic mould.
- Patent defects which are visible and discoverable upon reasonable inspections, such as visible cracks in a wall or stains on a ceiling.
- Liens and encumbrances, such as unpaid property tax or utility bills.
- Stigma, meaning if your property has a history that may psychologically impact a buyer, such as death in the property.
- Easements or encroachments, such as shared driveways.
- History of flooding or water damage.
- Zoning or bylaw violations.
- Tenant occupancies at the time of sale (including how long the tenants have lived on the property).
It is important that you and your agent keep detailed records of all disclosures, conversations, and agreements to protect you against future claims of non-disclosure or misrepresentation.