Personal Finance

Getting OREA Form 220 - Seller Property Information Statement from an RE agent

  • Last Updated:
  • Sep 16th, 2014 10:37 pm
Tags:
None
[OP]
Deal Addict
Sep 19, 2009
1290 posts
312 upvotes
Toronto

Getting OREA Form 220 - Seller Property Information Statement from an RE agent

OREA Form 220 - Seller Property Information Statement - is a long questionnaire a property seller in Ontario would fill when engages a selling agent. It is basically a disclosure document which would list any problems a property might have, structural / environmental etc. As example, "Has the use of the property ever been for the growth or manufacture of illegal substances?" is one of the questions.

In the past the agents I dealt with were very cooperative and never refused to show me the document.

Today I was viewing a property and the wouldn't answer any questions nor show me form 220. The property was listed for 69 days and I'm quite sure that it wasn't in "high demand".

Is this a normal behavior? Is the seller agent under any obligation to disclose such information to a buyer?

TIA.
7 replies
Deal Addict
Jan 15, 2009
1031 posts
356 upvotes
Just north.
Sounds like the RE agent is hiding something. I'd suggest move onto the next property. Too many shady things in RE nowadays.
Deal Fanatic
Jul 3, 2011
5189 posts
2318 upvotes
Thornhill
If the listing indicates there is an SPIS and a buyer asks to see it it must be given to them.

A topic regarding the SPIS posted by lawyer Bob Aaron is currently being debated between Realtors and a couple consumers

http://www.remonline.com/end-disclosure-forms/
[OP]
Deal Addict
Sep 19, 2009
1290 posts
312 upvotes
Toronto
Thank you for your answer licensed. Your link is very useful as well.

I was under the impression that SPIS is mandatory in Ontario. Am I wrong?
Sr. Member
Dec 8, 2003
916 posts
7 upvotes
andrew4321 wrote:
Sep 16th, 2014 6:24 pm
Thank you for your answer licensed. Your link is very useful as well.

I was under the impression that SPIS is mandatory in Ontario. Am I wrong?
It is not mandatory
Deal Addict
Jul 11, 2010
1142 posts
219 upvotes
Toronto
andrew4321 wrote:
Sep 16th, 2014 5:30 pm
OREA Form 220 - Seller Property Information Statement - is a long questionnaire a property seller in Ontario would fill when engages a selling agent. It is basically a disclosure document which would list any problems a property might have, structural / environmental etc. As example, "Has the use of the property ever been for the growth or manufacture of illegal substances?" is one of the questions.

In the past the agents I dealt with were very cooperative and never refused to show me the document.

Today I was viewing a property and the wouldn't answer any questions nor show me form 220. The property was listed for 69 days and I'm quite sure that it wasn't in "high demand".

Is this a normal behavior? Is the seller agent under any obligation to disclose such information to a buyer?

TIA.
Was the agent the listing agent? Do you have your own agent? Get a blank form 220 and write out your own questions. If the listing agent will not answer them walk as quickly as you can away. Remember there are always other properties for sale.
Doug Boswell
intelliMortgage Inc. Brokerage #12326
FSCO #MO09002332
Deal Addict
User avatar
Mar 23, 2011
1510 posts
472 upvotes
Lawyers recommend not signing the agreement or filling it out. You want info about the house get 1 or even 2 home inspections. You can ask for them to fill it out, just depends on how badly they want the house sold, you can make it a condition of sale.
Alex
Deal Fanatic
Jul 3, 2011
5189 posts
2318 upvotes
Thornhill
andrew4321 wrote:
Sep 16th, 2014 6:24 pm
Thank you for your answer licensed. Your link is very useful as well.

I was under the impression that SPIS is mandatory in Ontario. Am I wrong?
No, in Ontario it's not mandatory and from a seller's point of view I am one who argues it is detrimental to any seller to try and answer questions they are not qualified to answer in that once they opt to complete any part of the form, they are obligated to answer all of it.

Of course from a buyer's point of view it is a great document to ask for and get because it can entrap a seller even for negligent misrepresentation.

My suggestion is that if you ask for one and it is not available, just be sure that you or your Realtor understand the type of property you are buying, ask the right questions and clarify your understanding of the answers for same as representations and warranties within the Agreement of Purchase and Sale. Stated representations and warranties in an Agreement of Purchase and sale is a far more efficacious resolution dispute.

In other words, the SPIS is not necessary if as a buyer you know what you're doing.

Top