Friday, November 11, 2011

Sellers Property Disclosure with Barry Lebow

Very proud to have some of my content for Toronto Real Estate and the Seller's Disclosure (SPIS) picked up by Bob Aaron and the Toronto Star. article posted here;

Few real estate experts know more about the Ontario disclosure statement than Barry Lebow, who has testified as an expert witness in as many as 600 trials involving real estate issues.

In a video Lebow posted on YouTube, this question was posed to him: If a client asked you “should I or should I not sign a Seller Property Information Statement,” what would your definitive answer be? Lebow’s one-word response: No.

In the same video, Lebow says, “If I had my choice there would only be four questions on an SPIS form.”

Lebow’s suggested questions for sellers to answer are:

Is there anything in your home that you are aware of that could negatively affect my buying decision?

Is there anything on or below the surface of your land that could negatively impact my buying decision?

Is there anything within the neighbourhood either in place or pending that could negatively affect my buying decision? Lebow explained the concerns referred to in this question would be issues like whether a pedophile lives in the neighbourhood, or whether there are any area plans for new developments like a new highway, airport runway or recycling plant.

Is there anything about your house that would prevent me from getting a mortgage or insurance?

Using these four simple questions during a listing presentation [Seller Interview] solves a myriad of issues that can impede a Buyer from obtaining a mortgage; simple issues like water and electricity nullify an Occupancy Permit. Maybe its the additional cost of removing all the knob and tube wiring. If you can't live in it, you can't finance the purchase. If you can't get insurance you cannot get a mortgage.

Link to Video I am personally pleased that we are finally making a stand on a document that was poorly crafted and hoisted upon unsophisticated. Thank you to Bob Aaron and Barry Lebow for your influence.

Would you answer those four questions?

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