New Video Explains Seller’s Disclosure of Material Latent Defects Form to Clients
CATEGORY: New REALTORS® Standard Forms
TAGS: Material Latent Defects Property Disclosure Statement Standard Form Toolkits Standard Forms Resource Centre Standard Forms Videos
BCREA has created a new video for REALTORS® to share with their clients to help explain the Seller’s Disclosure of Material Latent Defects form. This form allows a seller and their Realtor to disclose any known material latent defects prior to buyers making an offer.
The video explains what consumers are required to disclose, what a Realtor is required to disclose and how their disclosure obligations differ. In addition to defining latent defects, material latent defects and clarifying differences in disclosure requirements, the video also covers commonly asked questions around what to do if the seller is not aware of any material latent defects and what happens if new information becomes available during the listing or sale of a property.
If you want to learn more about the Seller’s Disclosure of Material Latent Defects form, BCREA has created a form toolkit on the Standard Forms Resource Centre. The toolkit reviews the purpose of the form, who should use it, and when it should be used. It also includes a preview of the form, an interactive how-to-complete guide and frequently asked questions (FAQ). The FAQ covers whether this is a mandatory form, how it differs from disclosures made on the Property Disclosure Statement (PDS), whether this form is needed if the disclosure has already been made on the PDS, and more.
For an overview of the numerous Standard Forms resources available, including form guides, revision guides, videos for Realtors and consumers, and form toolkits, please refer to the Standard Forms Resources Index.
If you have questions on Standard Forms, please email [email protected].
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