Don and Louise Beauchamp owned a home in London, Ont., and during the six years they lived there they renovated their basement, first using it as a playroom and later as a guest room.
Click here to read on....
The lessons from this case are:
• For sellers, disclose all problems you know about. If you are not sure, err on the side of disclosure.
• If you as a seller sign an SPIS, to be safe, do not permit it to be attached to the agreement. That way, you will be protected if you made a mistake in completing it.
• Buyers should not rely on the SPIS because it is not supposed to be a warranty; it is just to be used for information purposes.
• If something matters, always include it in your home purchase agreement. Do not rely on verbal promises or advertisements.