The Seller Property Information Statement is a signed disclosure form wherby the Seller answers a series of questions regarding the subject property.
Sellers answer questions and add comments to the best of their knowledge and must disclose any problems with the property that they are aware of that could adversley affect the buyer. It is intended for information purposes and is NOT a warranty even if it is attached to an Agreement of Purchase and Sale.
The questions cover most aspects of the building such as structural issues, mechanical systems, enviromental concerns, and in the case of rural properties well and sewage disposal concerns.
This form can be somewhat contraversial despite the fact that the Real Estate Council of Ontario supports its use and continually updates the form to protcect Buyers and Sellers.