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Friday, January 29, 2010

Deadline to Comment on Real Estate Condition Reports today at 5pm!

Currently there are no requirements forcing a homeowner to disclose certain defects about their home during the sale process. A few realtors use a Property Condition Statement (PCS) to attempt to protect their buyers, but the majority do not.

A report written by real estate lawyer John Neufeld suggests the province should look into making the use of PCSs mandatory. According to Neufeld, other jurisdictions have introduced the use of compulsory PCSs, resulting in an overall increase in buyer satisfaction.

In Manitoba, there is no such requirement unless a seller is specifically asked or if the property has problems with it that would prevent it from being used for it's intended purpose.

Manitoba Securities Commission has been taking comments on this issue, and that deadline is at the end of business today, January 29, 2010.

Got questions? Email us at owners@garamark.net

GaraMark Property Management is located in Winnipeg, Manitoba, and successfully balances protecting the investment of an owner while retaining happy tenants.

www.garamarkpropertymanagement.ca

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