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#369150 - 03/06/11 09:52 AM Seller's Property Information Statement - SPIS
Devil's Advocate Offline
Veteran Member

Registered: 01/03/05
Posts: 538
Loc: Ontario, Canada
For local readers who may be interested in the opinion put forth by a member of the legal profession to the Ontario Bar Association and the risks involved in using the SPIS form, as described at the following website.

http://www.aaron.ca/columns/aaron%20SPIS%20paper.pdf

IMPORTANT NOTICE: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a Lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this information.

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#369238 - 03/07/11 09:11 AM Re: Seller's Property Information Statement - SPIS [Re: Devil's Advocate]
Kjmendy Offline
Veteran Member

Registered: 05/16/10
Posts: 709
Loc: London, Ontario
In the London market SPIS have all but gone out of use. After those first few legal cases became known SPIS forms where dropped like a hot potato. I haven't seen one being offered in a long time.

Are they still being used in other areas of Ontario?

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#369258 - 03/07/11 10:53 AM Re: Seller's Property Information Statement - SPIS [Re: Kjmendy]
Devil's Advocate Offline
Veteran Member

Registered: 01/03/05
Posts: 538
Loc: Ontario, Canada
KJMendy:
I have no idea as to the extent that the SPIS forms are being used locally, but I understand that some buyer agents are requesting them.

Perhaps the response should be similar to that given to a buyer's lawyer requisition on title, which is "satisfy yourself" and used in responding to the buyer's lawyer questionnaire/requisition.

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#370542 - 03/23/11 07:31 AM Re: Seller's Property Information Statement - SPIS [Re: Devil's Advocate]
MartyGreen Offline
Member

Registered: 09/30/09
Posts: 262
Loc: canada
I had a guest speaker come out who was fairly big lawyer in the area to speak to my agents. He mentioned several cases where the Vendor lost because they filled out the SPIS.

I know most of my Agents are not using it anymore. Perhaps a new form for declaring certain things they want to clarify?

Marty
_________________________
Marty Green
Broker/Manager/Real Estate Trainer

www.realestatecareermentor.com

Marty's Real Estate Internet Radio Show on iTunes

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