What does physical property mean?

What does "Is your property currently under contract by a licensed pest control company?" mean in seller's dis

• I liked a property, but in the seller's disclosure form following 2 are "YES" Is your property currently under contract by a licensed pest control company? Are you aware of any termite/pest control reports or treatments for the property in the last five years? AND Following 2 are NO Are you aware of any termites/wood destroying insects, dry rot or pests affecting the property? Are you aware of any damage to the property caused by termites/wood destroying insects, dry rot or pests? Is there something that I should be concerned about? what kind of documents should I ask from seller before I put an offer? Do I have rights to get copies of pest control company agreement and their previous report? Your help in this matter will be greatly appreciated

• Answer:

  Here in Canada, we can make our offer conditional on a home inspection. the buyer would hire their own inspector to check the property out and give you their report on the property. they can tell you everything from plumbing to electrical to pest problems. they will also tell you how much $ to fix any problems and a timeline on when problems may need to be addressed (like a new roof in 5 years). You can then usually use the report to get out of the deal, or drop your offer price to reflect the price of repairs. If the buyer is really wanting to sell, they will make all effort to provide you with any reports that you ask for and the home inspection. the home inspection is well worth the money! Here in Canada they are about $400-$600, and will spend about 1-4 hours looking at your potential house, depending on the square footage.