The Commission's guide to best practices

The purchase and sale of real estate can be a challenging experience. The consumer is often called upon to make important and difficult choices during the process. This section offers simple but positive suggestions for consumers to consider, called “best practices,” to help consumers in their dealings with the real estate industry.

Property Condition Disclosure Statement

The Property Condition Disclosure Statement (PCDS) is designed to protect all parties involved in real estate transactions. The objective is to encourage full communication so that buyers have as much information as possible concerning the property.

Competing offers

In certain market conditions, consumers may find that more than one buyer is interested in a property. This is a competing offer situation and creates unique conditions in a real estate transaction. Both sellers and buyers need to consider how to respond when presented with a competing offer situation.

Title insurance

Title insurance protects the insured against loss resulting from title and survey defects that would otherwise have been revealed by an up-to-date survey, property report or building location certificate.

Avoiding remorse

Buying or selling real estate is a stressful and emotional time, even under the best circumstances. Finding the right property, making a successful offer, obtaining financing, and so on, can be an emotional roller coaster leading to feelings of remorse, where decisions are second guessed.

Stigmatized properties

Certain events may cause a property to be described as a “stigmatized property.” This term is sometimes applied to a property that has had some circumstance occur in or near it, but which does not specifically affect the appearance or function of the property itself.

Home inspections

When you purchase a home, the Commission strongly recommends that you have a home inspection done. In fact, the Agreement of Purchase and Sale includes a standard clause with respect to home inspections.