A SPIS is a form that some sellers will fill out, which details information about the property, everything from zoning issues to structural issues to environmental concerns. The form specifically states on it that it is not a warranty, and that the purchaser cannot rely on the statements contained on it. However, there have been numerous cases in Ontario where a purchaser was able to break through a SPIS, and also cases where the purchaser was made aware of an issue through a SPIS, bought anyway, and successfully sued the vendor for the problem with the property.
If you are thinking about completing a SPIS, the most important piece of information to take away is to complete it with either your realtor or your lawyer, ensure that you understand everything you answer, and understand the consequences of providing the information to a prospective purchaser.
