You bought it... They said the basement was dry. You have an SPIS.
Cellar flood among wave of lawsuits from disclosure formSeller Property Information Statement has prompted over 200 court cases since 1997 In the wake of widespread flooding in Toronto last week, I’ve had a number of phone calls and emails from people trying to sell their properties. They ask about their legal obligation to advise the buyers of a flood which occurred after the signing of a purchase and sale agreement, but prior to closing.
.... After inspecting the property, Adam and Olga Soboczynski submitted an offer which was prepared by an agent who was a friend of the Beauchamps — the sellers of the home. The offer was accepted with a price of $290,000.
Before the offer conditions were waived, the sellers delivered to the buyers a Seller Property Information Statement (SPIS) which was provided to them by the agent. The form is published by the Ontario Real Estate Association (OREA).
In the SPIS, the Beauchamps stated the property was not subject to flooding and they were not aware of any moisture or water problems. At the bottom, the form states that the sellers will disclose any “important changes” to the buyers before closing.
After receiving a favourable home inspection report, the buyers waived the conditions making the offer firm and binding.http://www.aaron.ca/columns/2013-07-20.htm
Litigation [suing people] is incredibly expensive. All of this could be avoided with the purchase of a Home Verified Report that we offer to all our home purchasers as part of their due diligence.
Are you ready? Lets get started http://BuyinginToronto.ca or call 647 218 2414