Standard Forms

BCREA Individual Identification Information Record to be Retired Ahead of June 1 FINTRAC Changes

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,

New Video Explains Seller’s Disclosure of Material Latent Defects Form to Clients

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 Releases New Form to Address Risk of Subject-Free Offers

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

New Standard Form Toolkits Available for Three Fee Agreement Forms

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: New Form Helps Brokerages Meet Anti-Money Laundering Requirements

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

Water Sustainability Act – You Have Questions, We Have Answers

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

New Toolkit Available for the Buyer Agency Remuneration Agreement

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

What the Co-Listing Separate Representation Form Means for REALTORS®

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

New Tutorial Videos Focus on Common Standard Forms

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

New Videos Highlight Key Areas of Contract of Purchase and Sale

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

Top Three Questions About the Privacy Notice and Consent Form

Privacy laws in British Columbia require that informed consent is obtained before collecting, using, and disclosing the personal information of individuals. BCREA created the Privacy Notice and Consent form to support REALTORS® in providing disclosure and documenting the informed consent of consumers regarding the collection, use, and disclosure of their personal information. Having a consumer

New Index Created for Quick Access to BCREA Standard Forms Resources

With a variety of new resources having been created over the last several months – including the Standard Forms Resource Centre, the Fall 2020 Standard Forms and accompanying training materials – we have created a way for Realtors to easily find exactly what you need to help your practice. The Standard Forms Resources Index enables

VIDEO: Help Your Clients Understand the Property Disclosure Statement

BCREA has created a video for REALTORS® to share with clients to help them better understand the Property Disclosure Statement (PDS). The PDS is one of the most frequently used standard forms and it allows sellers to disclose facts about the condition of the property so that buyers can make informed decisions when considering purchase

Forms 2020: Post-Launch Webinar Recording and Resources

BCREA hosted a Q&A webinar for Realtors

On September 29, BCREA hosted a webinar to answer questions REALTORS® had after two weeks of using the new and revised standard forms and clauses that were included in our Fall 2020 Standard Forms Release. The webinar – which featured a panel including BCREA Chief Operating Officer Corinne Caldwell, Professional Services Manager Jennifer Lynch, and

REALTORS® Invited to Webinar to Discuss New and Revised Standard Forms

Realtors are invited to a webinar regarding the Fall 2020 Standard Forms Release

Last week, BCREA released seven new standard forms, three new clauses, and a significant number of revisions to existing forms as a part of our Fall 2020 Standard Forms Release. As a part of our ongoing efforts to ensure Realtors and managing brokers are provided with relevant information to support you in understanding these changes

New and Revised Standard Forms Now Available on WEBForms®

The new and revised standard forms and clauses included in BCREA’s Fall 2020 Standard Forms Release are now available on WEBForms®. Seven new standard forms, three new clauses, and a significant number of revised forms have been released, as BCREA continues to help Realtors enhance their professionalism and adapt to trends and changing best practices.

Get to Know the New and Revised Standard Forms Coming in September

With less than a month to go before BCREA’s Fall 2020 Standard Forms Release on September 16, REALTORS® now have the opportunity to view advance copies of the new and revised forms, clauses and accompanying resource guides. BCREA has developed a pre-launch package that includes previews of the new and revised forms and clauses (watermarked

Forms 2020: New Standard Forms and Clauses

By Ellen Baragon, Guest Contributor As part of BCREA’s Fall 2020 Standard Forms Release, seven new standard forms and three new clauses will be released on September 16, 2020. Find out more about BCREA’s Fall 2020 Standard Forms Release at bcrea.bc.ca/forms2020. The following is a summary of the upcoming new standard forms and clauses with