Last week the Divisional Court upheld a trial decision in which the purchasers of a home were awarded $25,000 in damages from the seller.
The purchasers entered into an agreement of purchase and sale with the vendor and, smartly, made the deal conditional on the purchasers receiving a Seller Property Information Statement (“SPIS”).
The SPIS is a standard form document that was drafted by the Ontario Real Estate Association. The SPIS will contain information relating to defects, renovations and other pertinent property information based on the seller’s knowledge and experience. You can find a copy of the SPIS here.
Sellers . . . [more]