Let’s about something you might hear your REALTOR® refer to as a SPIS. That’s our quick-way of saying Seller Property Information Statement. I know you don’t want to hear a whole lot of jargon here, so I’m going to boil it down for you: what is it, and how does it affect you?
The SPIS is a form that we get our listing clients (e.g. home sellers) to fill out and disclose any important information they are aware of about the property they are selling.
It’s very simple to fill out and has easy check-boxes and space to add additional notes. It covers everything from known environmental issues, to neighbourhood concerns, structural changes, leaks and more.
The idea is to get the sellers to make any notes about the home that might be of concern to potential buyers.
It’s something we get all our sellers to fill out, and it can provide some valuable information to people that are considering buying the home. But it can have some drawbacks too.
For instance, maybe the home has had multiple owners over the years and this most recent seller is unaware of issues that happened years ago.
Regardless, it’s still a good piece of information to consider when you’re purchasing a home. Who wouldn’t want to know this information from sellers when you’re about to make such a big purchase? The more knowledge you have about a home before you sign an offer, the better.
So there you go, a very quick and simple crash course in one of the pieces of paperwork that comes along with buying and selling homes. If you ever have any questions about the process, please give us a shout – we’d love to hear from you!
