This fall, BCREA will be releasing 11 new standard forms, multiple clauses and revisions to a significant number of forms. Among the new forms will be those related to First Nations Reserve Lands Leasehold Properties, Cancellation of Buyer Agency Exclusive Contracts, Property Disclosure Statement – Strata Properties – Bare Land Strata and more. New clauses …
Background Resources Quick Links Last updated: October 15, 2021 This page contains background information on the Fall 2021 Standard Forms Release, information and resources to help REALTORS® prepare for use of the forms and quick links to other relevant resources. BCREA will update this page as new information and resources are available. Background On November …
In BCREA’s latest release of tutorial videos for BC REALTORS®, we explore three important standard forms: the Fee Agreement Buyer Pays (Buyer and Seller Not Represented) form, the Fee Agreement Seller Pays (Buyer and Seller Not Represented) form, and the Fee Agreement Seller Pays (Buyer Represented Seller Not Represented) These tutorial videos are intended to …
BCREA has created a new video to help REALTORS® explain the Co-Listing Form – Joint Representation to their clients. This form is used to amend a Listing Contract when the sellers want the property to be listed jointly by more than one brokerage. [iframe width=”560″ height=”315″ src=”https://www.youtube.com/embed/hwy9fOsu7G0″ frameborder=”0″ allowfullscreen style=”position:absolute;top:0;left:0;width:100%;height:100%;” ][/iframe] This video explains the …
BCREA has launched two new toolkits in the Standard Forms Resource Centre to help REALTORS® navigate dual agency scenarios. The toolkits cover the Limited Dual Agency Agreement (Competing Buyers/Tenants) and the Limited Dual Agency Agreement (Buyer/Tenant and Seller/Landlord). Each of the toolkits include an introduction to the form, FAQs, an annotated version of the form, …
BCREA has created a new video to help REALTORS® explain the Co-Listing Form – Separate Representation to their clients. This form allows multiple sellers with opposing interests to each have their own designated agent(s) to represent them in the sale of a property. [iframe width=”560″ height=”315″ src=”https://www.youtube.com/embed/hTsWP-9JRJQ” frameborder=”0″ allowfullscreen style=”position:absolute;top:0;left:0;width:100%;height:100%;” ][/iframe] This video reviews the difference between joint and separate representation, the circumstances under which a client may choose to enter into a co-listing agreement with separate representation, and the potential benefits of this type of arrangement. The …
When the latest FINTRAC amendments came into effect on June 1, 2021, we retired the BCREA Individual Identification Information Record as it no longer meets brokerages’ record keeping obligations. Please use the FINTRAC forms provided by the Canadian Real Estate Association (CREA) or your brokerage to ensure you continue to meet these obligations. Although this form has …
In BCREA’s latest release of tutorial videos for BC REALTORS®, we explore four key standard forms: the Co-Listing Form – Separate Representation, the General Release and Authorization to Pay Deposit Funds form, the Notice of Condition Waiver / Declaration of Fulfillment form, and the Lockbox Acknowledgement, Consent, Release and Indemnity form. These tutorial videos are …
The BCREA Standard Forms team has received several great questions about what to do, if anything, when a buyer’s deposit is paid by a third party, such as a family member or a client’s business account. To help ensure REALTORS® are aware of their obligations, we’ve compiled a list of frequently asked questions on third-party …
With the Financial Transactions and Reports Analysis Centre of Canada’s (FINTRAC) latest regulatory amendments coming into effect on June 1, BCREA will retire the one-page BCREA Individual Identification Information Record as of May 31. The FINTRAC amendments redefine when brokerages enter into business relationships and as such, this one-page form will no longer meet brokerage’s …
BCREA’s Individual Identification Information Record will become obsolete as of June 1, 2021, when the Financial Transactions and Reports Analysis Centre of Canada’s (FINTRAC) latest regulatory amendments come into effect. These amendments will change reporting obligations for brokerages under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act). With that in mind, …
BCREA has created a new video for REALTORS® to share with their clients to help explain the Seller’s Disclosure of Material Latent Defects form. This form allows a seller and their Realtor to disclose any known material latent defects prior to buyers making an offer. [iframe width=”560″ height=”315″ src=”https://www.youtube.com/embed/hKLR_YXmGcI” frameborder=”0″ allowfullscreen style=”position:absolute;top:0;left:0;width:100%;height:100%;” ][/iframe] The video …
BCREA has created the Buyer’s Acknowledgement of Information – Recommended Conditions form to help REALTORS® document that they have advised buyers of the increased risks and possible consequences of not including some or all of the recommended conditions in an offer. The form also allows Realtors to document that clients have been advised to obtain …
BCREA has created three new toolkits on the Standard Forms Resource Centre to help enhance REALTOR® knowledge of the following three fee agreement forms: Fee Agreement Buyer Pays (Buyer and Seller Not Represented) Fee Agreement Buyer Pays (Seller Represented Buyer Not Represented) Fee Agreement Seller Pays (Buyer and Seller Not Represented) All three toolkits include …
UPDATE (March 24, 2021): Minor changes have been made to the Why Do REALTORS® Ask for Your Personal Information consumer video to provide greater clarity on the process for receipt of funds and to update the reference to the Individual Identification Information Record. All other aspects of this video remain unchanged. In September, BCREA released …
At BCREA, we often receive questions from REALTORS® and consumers related to standard forms. We’ve received several great questions about groundwater licensing and the Water Sustainability Act (WSA) as it pertains to the Property Disclosure Statement. Below, you can find three frequently asked questions on the topic, with answers provided by a member of the …
BCREA has created a new toolkit on the Standard Forms Resource Centre to help enhance REALTOR® knowledge of the Buyer Agency Remuneration Agreement form. This toolkit reviews the purpose of the form and when and how it should be used. It also includes an annotated version of the form, an interactive how-to-complete guide and frequently …
By Ellen Baragon, Guest Contributor BCREA’s Co-Listing Separate Representation form was developed so that multiple sellers who have opposing interests are able to engage different brokerages – or different agents within the same brokerage – to represent their interests in the sale of a property. The Co-Listing Separate Representation amends certain sections of the Listing …
BCREA has added to its suite of video tutorials for REALTORS® on key standard forms with the launch of three new video series: Contract of Purchase and Sale Listing Contracts Buyer’s Agency Exclusive Contract The Contract of Purchase and Sale series explains some of the most important aspects of this standard contract that is a central …
By Ellen Baragon, Guest Contributor Given that the Contract of Purchase and Sale (CPS) is a foundational document to any real estate transaction, REALTORS® need to know the fine details that can make or break a Contract of Purchase and Sale. To that end, BCREA has created a new tutorial video series that reviews key aspects …
The British Columbia Real Estate Association acknowledges that our head office is located on the unceded traditional territories of the Coast Salish Nations of Sḵwx̱wú7mesh (Squamish), səl̓ilwətaɁɬ (Tsleil-Waututh), and xwməθkwəy̓əm (Musqueam). We also acknowledge the other 195 First Nations in British Columbia, as these are the lands we each call home.
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