What Is A Schedule A

Hi This is Richard Pearce from Guidestar Realty. I want to answer a question I often get from people who ask for my Ottawa House Repossessions report. They often ask - what is schedule A?

It is a form that is attached to an offer when you try to buy a property owned by a bank that discloses everything that the bank wants to disclose which is that you are buying the property "as is" "where is", no representations, no guarantees, no warranties.

If there are appliances in that house you are going to get them in the shape they are in. If they are broken when you get there then too bad. The bank will not take any responsibility for any of these things as any normal seller would. So its something to be cautious about if you are going to purchase a property from a bank that is a power of sale. You should definitely get a professional building inspection and make sure the property is in good shape and that you are not buying someone's undisclosed problem and of course that you are going to be comfortable once you own that house.