Form 225, Seller Property Information Statement

What Is a Sellers Property Information Statement

A Seller's Property Information Statement (SPIS) is a crucial document in the real estate market that provides comprehensive details about a property for sale directly from the seller. It covers a wide array of information, including but not limited to, the property's condition, any renovations or repairs done, the existence of any liens or encumbrances, and details about systems and fixtures within the property. This form allows sellers to disclose important information that might not be immediately apparent upon physical inspection, ensuring high transparency in the property transaction process.

When to Use Seller Property Information Statement Ontario

There are several situations in Ontario where the Seller Property Information Statement was utilized. Ontario becomes particularly beneficial:

• If a property has unique attributes or known issues that affect its value or utility, the seller should provide these details through the SPIS.
• To boost the buyer’s confidence in the transaction by providing a detailed overview of the property’s condition and history.
• In an estate sale, the executors may need to be fully aware of the property's nuances. Using this form, they can communicate all known information about the property.
• Sometimes, a buyer may request an SPIS to better understand the property before proceeding with the offer.

How to Fill Out Seller Property Information Statement Form

Seller and Property Identification

Please start by providing basic information about yourself (the seller), including your full name and contact details.

Indicate the property address and any pertinent details, such as the legal description of the property.

Property Details

Fill in the sections related to the property's physical characteristics, including size, age, and number of rooms.

Include information on recent renovations or upgrades that have been made to the property.

Utilities and Services

Describe the utilities available at the property, such as electricity, water, gas, and sewage systems.

Indicate any services provided, like municipal garbage collection or snow removal.

Property Conditions

Answer questions on the condition of various aspects of the property, such as the roof, foundation, electrical, and plumbing systems. Be honest and detailed.

Disclose any known issues or defects in the property that might affect its value or livability.

Legal and Compliance Information

Provide information on any legal encumbrances like easements, rights of way, or liens on the property.

Compliance with applicable local zoning laws, building codes, and homeowners’ association restrictions.

Disclosures

If applicable, disclose any material facts that could impact the buyer's decision. This includes but is not limited to environmental hazards, past damages (e.g., from floods or fire), or any history of infestation.

Additional Documents and Information

Attach any relevant documents that support the information provided in the form, such as warranties, inspection reports, or repair receipts.

Review the completed form for accuracy and completeness. Ensure every section is filled according to the current state of the property.

When to File Seller Property Information Statement Ontario

The Seller Property Information Statement Ontario filing typically occurs early in the selling process. It should be completed and made available to potential buyers before they make an offer on the property or early in the negotiation phase. Preparing and sharing this document upfront can expedite the selling process by reducing the likelihood of disputes and providing buyers with the necessary information to make informed decisions. Depending on the conditions of the sale, it may also be revisited or updated to reflect any changes or newly discovered information about the property.

By adhering to these guidelines and effectively utilizing the Seller Property Information Statement Form, sellers and buyers in Ontario can ensure a transparent and informed property transaction process.