In a BC residential transaction, what is the role of the Property Disclosure Statement (PDS)?
Correct Answer
D) It is a voluntary form where the seller discloses known condition, defects and history
The Property Disclosure Statement (PDS) is a voluntary form (not legally mandated but strongly recommended and standard practice) completed by the seller. It covers the seller's knowledge of the property's condition including structural issues, water damage, grow-op history, oil tanks, environmental hazards, and other material facts. While it does not guarantee condition, false statements can expose the seller to liability.
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