I would like to see more encompassing disclosure requirements. As a minimum, the following information should be made available to a buyer:
- construction or renovation permits issued
- municipal violation notices
- police reports
- insurance claims
- utility bills
- neighbourhood crime rate
- neighbourhood schools rating
In my opinion it is entirely unacceptable to have such lax requirements for one of the biggest financial commitments anyone can make. It seems to me that the majority of agents and sellers operate under the principal “don’t ask, don’t know”. This may be fine for a tear-down but in today’s hot market, buyers deserve to know more, a lot more.
Until such time as real estate boards improve their disclosure requirements, it is up to the buyer to request this information, and I would encourage buyers to do so.