Toronto Real Estate Lawyer Bob Aaron’s latest column shows just how costly it can be when a home seller is less than forthcoming with information about a home.
In the column, Mr. Aaron tells of a situation where, on the Seller Property Information Statement, the seller wrote “unknown” to the question “Are you aware of possible environmental problems or soil contamination of any kind on the property or in the immediate area?”
However, the home had actually been built on top of an old landfill site and it had been recommended that the area be replaced with clean fill before building on it due to contamination of the soil. This was discovered by the buyer, who backed out of the sale.
The seller eventually sold the property at a $100,000 loss and sued the buyer for backing out, but lost and had to pay their court fees.
For more information on this case and the Seller Property Information Statement, check out Bob Aaron’s column on his website here.