Posted by genieSABRE on Aug 18, 2011
STOP!     THINK!     RUN!

STOP! THINK! RUN!


STOP! THINK! RUN! — when and from what?

 
Source: Hannif Highclass
Publish:My Blog: 09/18/2011

SPIS

When, your real estate agent tells you to fill out the Seller Property Information Statement (SPIS), a property disclosure form. Many real estate agents may want you to fill out when listing your property on MLS. Both Ontario Real Estate Association (OREA) and the Real Estate Council of Ontario (RECO) endorse it and many agents use it without really knowing what they have done.

Genie Sabre Realty strongly advices NOT TO DO SO and does not use it or encourages it. Period.

The intent of this document was to offer protection for all parties involved – Seller, Buyer and the Real Estate Agents involved in the residential real estate transaction.

CLICK HERE: TO SEE THE ACTUAL FORM USED

and the come back to your blog and continue reading.

While the SPIS is a valuable tool for sellers and buyers alike, there are two problems often associated with the form.

THE PROBLEM: is that the form tends to create more problems, more issues are raised and does just the opposite of what the intentions of OREA or RECO were – which was that by using the form the buyers are well informed of what they are getting and there should be no “ he said her said “ later on

FIRST ISSUE: incomplete and/or inaccurate information given by Seller. Sometimes it is intentionally done by the seller to hide certain facts but most of the time they believe that it is true what they have written. Cause of litigation may arise.

SECOND ISSUE: Many of the questions in the SPIS form are either ambiguous or beyond the scope of what most sellers can reasonably be expected to know. Cause of litigation may araise, even though sellers may have answered questions in good faith and to the best of their knowledge.

OK – so you have had a good look of what questions SPIS expects to be answered by the Seller. I will not go into details here but a lot of articles have been written by well know lawyers on this subject matter. below, are the links to this articles and then a video that I believe says it all in the nut-shell.

[1] Courtesy: Bob Aaron – Toronto Lawyer “Use SPIS forms at your own peril”
Publish: The Toronto Star
Date: May 27, 2011 Bob Aaron

 

[2] Courtesy: David Pylyp (Realtor with RE/MAX Realty Specialists Inc.)
Publish: YOUTUBE – VIDEO
Barry Lebow comments on SPIS http://DavidPylyp.com and How home owners should not sign this document. Having testified in more than 600 trials [he] concludes that this form causes amateur to become experts in disclosure.

 





REMEMBER: Real Estate

Home Owners: If, you already own a home – good for you!

May you be blessed with
warmth in your home,
love in your heart,
peace in your soul
and joy in your life.

However, if for any reasons you do intend to move due to upsizing, downsizing, moving to different town or ??? —
genieSABRE recommend you check out our main web site. You will not be disappointed!

Renters: New immigrant, 1st. Time Buyers Renters – its time to stop making your landlord rich.
genieSABRE FREE consultation, will help you & guide you through the whole process from finding the right home, to mortgage approvals, home inspection, lawyers etc Visit our main web, you will not be disappointed!

Real Estate Investors: Home ownership should be your 1st. priority. If you own your own home – Good for you. But now is the time to take that second step – Buying Rental Property for investment. Commercial, retail or home.
genieSABRE has extensive knowledge and experience in this field. As a developer of commercial /retail plazas (built 3 so far) and owners of residential rental homes, we can guide and advice you as to what is best for you according to your personal financial position.

Call: Hannif Highclass @ 416.444.4252

http://www.geniesabre.com

 

 

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