Disclosure rules for conservation restricted properties
Seems some properties are listed with buyer due diligence clause. At least, that makes sense and gives a signal for a study before buy. So, it is up to the buyer to decide in this case.
There are some properties, nothing was described, but they are 100% covered by conservation restrictions, which means any dwelling change or updates or new structures needs a geotechnical assessment and approval from conservation authorities. The only it can go to the city for further approval.
It seems so many buyers are buying without this awareness during this Covid crazy real estate market. They may realize this at a later date.
I believe it must be disclosed by the seller and agent. There must be rules to imply this to protect the buyers. Buyer agents must be providing this awareness to the buyers and make them consciously buy. But this is the second step, as the buyer agent's service responsibility. The first must be by the Seller and the Listing Brokerage.
What is RECO stands for mandating this type of disclosure?
Any thoughts and experiences in this?