When you decide to sell your property with a real estate broker, you will notice he shows up with a lot of long documents. One of which being the declaration by the seller of the immovable. So why is this document important? how does it protect the seller and the purchaser? and when is it used?
The declaration by the sellers document was a form created by the OACIQ (Realtor Association) alongside the AIBQ (Inspector Association) that is meant to protect all parties in a transaction by answering a number of pertinent questions. By completing the seller declarations, the seller can avoid being sued for hidden defects by answering the number of questions on the form. Being honest, and acting in good faith is an essential part of any real estate transaction, but should the seller lie or hide any important details about the property, he will be held accountable for hidden defects. Once the sellers declaration is answered and signed, it becomes an integral part of any promise to purchase received, and the buyers must acknowledge having received and read a copy of the document.
The buyer’s advantage when receiving this form completed and filled out by the seller is quite obvious as well. They will have a good general knowledge of the home and the age of its important systems (roof, heating system, year of construction, sewer connection etc.) This information allows the buyer to make an informed decision that can be properly reflected in the price they are offering on the home. It also protects them from some surprises that may occur. A good example? – If the asphalt shingle roof is declared to be 27 years old, the buyer is making their offer with this knowledge, correct? Perfect, now 3 months after possession of the home, the roof leaks (To everyone’s surprise 
) And the purchaser calls their realtor and says “I think there was a vice caché” – no. it was not. The information was properly declared and the purchaser made their offer and signed said sellers declaration which became an integral part of the promise to purchase, meaning he knew that it was old and needed replacing.
) And the purchaser calls their realtor and says “I think there was a vice caché” – no. it was not. The information was properly declared and the purchaser made their offer and signed said sellers declaration which became an integral part of the promise to purchase, meaning he knew that it was old and needed replacing.The seller’s declaration form is used in all residential transactions in Quebec and I truly believe that it is informative, and an imperative tool for brokers and buyers. That does not mean however that it is always used, or needed.
Mandatory Use: Residential properties (including divided/undivided condos) fewer than five units.
Strongly Recommended But Not Obligatory: Residential properties with five or more units, semi-residential, Commercial, Lots of land, Industrial, and properties sold by a legal entity.
Dealing with a broker gives you access to these documents prior to writing up an offer on almost any type of property, It also guarantees that the broker has done their usual verifications and that the seller should be responding to the best of his capabilities.
Why risk it and try to make the biggest purchase of your life on your own?
