Transaction involving a flooded property: Three things to know

Experiencing a flooding is painful. And it’s now time to repair everything, whenever possible. Due to stress and urgency, an affected homeowner may forget to take certain precautions that could be of great importance during a potential sale.

This is why we would like to point out the following items:

• It’s beneficial for each homeowner to document all the damage caused to the property by flooding, as well as all the measures taken to remedy the damage, with supporting evidence (invoices, photos, videos, etc.);
• When selling a property that had been flooded, the seller’s broker must ensure that all this information is included in the OACIQ form Declarations by the seller of the immovable which will then be made available to a prospective buyer so he can make an informed decision;
• For the buyer, an inspection by a qualified professional becomes very important.
   

Resources

If you have any questions, read the article entitled Natural disasters: Impacts on the Promise to purchase or contact the information centre Info OACIQ.