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These OREA Standard Forms and Clauses are for use by OREA members and certain licensees only. Any other use or reproduction is prohibited except with the prior written consent of OREA.
Is completing a SPIS mandatory? No. Sellers are not required by law to complete a SPIS. However, according to the Real Estate Council of Ontario, once a seller has completed a SPIS their broker or agent is required to tell all potential buyers of its existence.
If the seller chooses to stay in the home longer than the set contract date, it is the seller's responsibility to pay the buyer or new owner rent to cover the cost. Once you've completed the closing process, the home belongs to the buyer and any financial problems would be their responsibility.
With that governance, all realtors in Ontario have an ethical obligation to disclose the existence of stigmas concerning the home such as a murder, suicide, drug lab, brothel, death by natural causes or even paranormal activity. They are obligated to tell you the buyer before you put in your offer.
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