What is a PCDS?
I am always faced with this question from many first time real estate buyers.
A PCDS or Property Condition Disclosure Statement is a list of pointed questions that is asked of the Seller or owner of the home. The Seller is legally bound to answer these questions to the best of their knowledge.
The Buyer requests this document as part of their subjects on their offer. Once the deal becomes firm and binding both the Seller and the Buyer sign the PCDS and make it part of the contract.
The PCDS includes questions that are pertinent to the condition of the home, such as is there any problems with heating, plumbing or electrical, has this home ever been used to grow or manufacture illegal drugs, and how old the roof is.As with any real estate document, the PCDS is a handy tool to get to know the home better but any buyer should still do their own due diligence. There is a reason the old saying is in Latin – Caveat Emptor- Buyer Beware
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