Selling a house: SPIS forms

J

jc100

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Any real estate afficionados here? We're selling a house and a buyer has asked for an SPIS form as a condition of the sale. I looked this up and every opinion seems to be -don't sign one as a seller as you open yourself up to potential litigation down the road.

Now, we're honest and there is nothing to hide about the property to our knowledge but I don't want to sign this form if it's not a legal requirement to do so and especially with the risks associated with it. Anyone got experience of this?

Also...it's early days in the selling process yet and there does seem to be reasonable interest in the property seeing as how there's an offer on the house (actually 2 but the first was a lowball) and it's only the 4th day of listing.
 
I wouldn't sign one last time I sold and had no problem.

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Scuba Steve said:
I wouldn't sign one last time I sold and had no problem.

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Did the buyer put it in as a condition of sale with the first negotiations? Just wondering what alternatives there are....you're already obligated by law to point out any serious defects so I don't see the point of this form to be honest.
 
Everything I researched just showed it to be a bad deal to sign one. Your call just be aware it can bite you hard.

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The purchaser can have a home inspection if they want to know the condition of the home. There are certain conditions such as known defects or if it was a grow-op that you need to disclose otherwise there's no requirement.

Don't sign it. I don't even sign representation agreements. The SPIS is recommended by agents as it makes their already over-paid job easier when closing the deal.
 
sircastic said:
The purchaser can have a home inspection if they want to know the condition of the home. There are certain conditions such as known defects or if it was a grow-op that you need to disclose otherwise there's no requirement.

Don't sign it. I don't even sign representation agreements. The SPIS is recommended by agents as it makes their already over-paid job easier when closing the deal.
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Thanks and thanks Scuba Steve...real world opinions count. We're striking out that clause.
 
jc100 said:
using a set fee internet agency 2% commision offered. Similar to comfree. Don't worry...no way in hell am I offering any more than that.
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I've sold 2 houses and bought 1 this year, all with the same agent.
The one I bought (the day it listed), he insisted the seller provide us with an SPIS. I have it here. Some answers can be vague. I don't see what, if any problem it can create. It's not much different than a "CarFax" when you buy a used car.
The two homes he sold for me (one he double ended) didn't ask for / require an SPIS form.
My $.02 says if you like the rest of the offer, fill out the form, as it's probably going to be a requirement in the near future anyway.
 
If I were a seller I wouldn't sign one.... on the other hand if I were a purchaser I would try to get one.
 
Google it and read what the lawyers say. (Some of them actually don't practice cannibalism) Heaven help us if this ever becomes law.

eg. "Is there lead or galvanized pipe anywhere on the property?"

Does that mean the galvanized pipe of my chain link fence, a piece of rigid conduit in the garage? Is Galvanized ductwork OK or do I have to replace it with stainless? What alloy?

To be in the clear (Maybe) You would have to hire your own home inspector and he would need a law degree to understand the issues and write up an OK to the agreement. In Vaughan you'd have to declare the oak trees.

Can you imagine selling a vehicle that a qualified mechanic had certified and still being responsible for anything that happened ages down the road.
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