With the new Home Buyer Rescission Period coming into effect in January 3, 2023, BCREA has developed a new course to support REALTORS® and managing brokers to not only understand the new rules but also apply them in their practice. (BCREA Access login required) The Home Buyer Rescission Period: What REALTORS® Need to Know course, …
Update: This post was updated on May 18, 2022. Find out more about the changes and the rationale in the Housekeeping Amendments Launch Package – May 2022 found here. (REALTOR Link® login required). While BCREA attempts to do an annual Standard Forms Launch, from time-to-time housekeeping amendments come up where it makes sense to make the …
The British Columbia Real Estate Association (BCREA) administers and manages a set of Standard Forms, standard clauses and related educational resources for use by REALTORS® in real estate transactions in British Columbia. A sub-set of the standard forms are jointly owned by BCREA and the Canadian Bar Association BC Branch (CBABC), including the Contract of …
BCREA has created a new video to help REALTORS® explain the Fee for Service Retainer Agreement form to consumers. This form is used by consumers to hire a brokerage to provide specific services tailored to their needs. [iframe width=”560″ height=”315″ src=”https://www.youtube.com/embed/bABvXnWPc0k” frameborder=”0″ allowfullscreen style=”position:absolute;top:0;left:0;width:100%;height:100%;” ][/iframe] This video explains when to use the Fee for Service …
In BCREA’s latest release of tutorial videos for BC REALTORS®, we explore five key standard forms: the Co-Listing – Joint Representation form, the Contract of Purchase and Sale Addendum / Amendment form, the Disclosure of Referral Payment form, the Fee for Service Retainer Agreement form, and the Tenant Occupied Property – Buyers Notice to Seller …
BCREA is excited to announce the launch of InformBot for Standard Forms, a new digital tool that helps REALTORS® navigate the most commonly used forms with confidence. InFormBot is a chatbot-like program that provides Realtors with an overview of standard forms to use during every transaction stage. Whether working with a seller or a buyer, InFormBot can guide you to the appropriate forms. Standard forms highlighted in InFormBot include forms from the …
The new and revised standard forms, schedules and clauses included in BCREA’s Fall 2021 Standard Forms Release are now available on WEBForms®! BCREA has now released 11 new standard forms and schedules, as well as multiple clauses and form revisions, to help REALTORS® enhance their professionalism and adapt to changing best practices. Prior to the …
Already have questions about the upcoming Fall 2021 Standard Forms Release? Join us on December 2, 2021 for a FREE one-hour virtual Q&A session for REALTORS® to get real-time answers to any questions you may have. Why attend? This Q&A webinar will provide an opportunity for Realtors to ask questions they may have about the …
BCREA continues to help REALTORS® enhance their professionalism and adapt to changing best practices with a new Standard Forms release. This release will include 11 new standard forms and schedules as well as multiple clauses and form revisions. To help managing brokers and associate brokers prepare their Realtors for the change, BCREA will be holding …
This fall, BCREA will release 11 new standard forms, multiple clauses and revisions to a significant number of forms. The new forms will include First Nations Reserve Lands Leasehold Properties, Cancellation of Buyer Agency Exclusive Contracts, Property Disclosure Statement – Strata Properties – Bare Land Strata and more. New clauses will cover issues like transacting …
Background Resources Quick Links Last updated: November 24, 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 …
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 …
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 …
By Ellen Baragon, Guest Contributor As REALTORS® work in their clients’ best interests, being well versed in all aspects of listing and buyer agency contracts can help you better support and empower your clients during a real estate transaction, as well as help you meet your regulatory requirements. To help Realtors learn more about how …
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 …
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 …
The COVID-19 FAQ was last updated on November 12, 2020. As the spread of COVID-19 continues to be a health risk and have a significant impact on people’s lives, REALTORS® may be left with questions about how to deal with certain areas of their practice. BCREA seeks to support you in these unprecedented times. We …
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 …
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 …
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. …
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 …
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 …
By Ellen Baragon, Guest Contributor As part of BCREA’s Fall 2020 Standard Forms Release, ten revised standard forms 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 revised standard forms with brief descriptions outlining why they were created …
By Ellen Baragon, Guest Contributor As part of BCREA’s Fall 2020 Standard Forms Release, the signature blocks on more than 20 standard forms have been updated and will be released on September 16, 2020. Find out more about BCREA’s Fall 2020 Standard Forms Release at bcrea.bc.ca/forms2020. After a recent review of the brokerage signature blocks …
On September 16, BCREA will release seven new standard forms, three new clauses and a number of revised forms on WEBForms®. The new forms will be accompanied by guides that will also be posted on WEBForms®, while additional resources on the revised forms will be made available on the Standard Forms Resource Centre. What forms …
Background Resources Quick Links Last updated: October 2, 2020 This page contains background information on the Fall 2020 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 September …
BCREA’s new Standard Forms Resource Centre is now available for REALTORS® and managing brokers! The comprehensive platform is the new go-to for standard forms training materials and resources and was created to help REALTORS® and managing brokers make the most of BCREA standard forms and raise the bar professionally. To access the Standard Forms Resource …
On September 16, BCREA will release seven new standard forms, three new clauses and a significant number of revisions to existing forms. Managing brokers are invited to join the virtual Managing Broker Community of Practice on Wednesday, August 19 at 10:00 am to learn more about the upcoming standard forms release. To register for the …
As REALTORS®, you know that forms and clauses are at the heart of your day-to-day real estate practice. And we know that, too. BCREA is committed to providing you with high quality, relevant, and updated standard forms and clauses, so you and your clients can complete transactions with confidence. Over the coming weeks, we …
The City of Vancouver’s Empty Homes Tax levies a tax against certain residential properties within the City of Vancouver based on how they are used. If an owner fails to make proper declarations or pay the proper tax, a lien can be issued against the property. When it comes to a real estate transaction, buyers …
When working with buyers in a real estate transaction in BC, REALTORS® may choose to use the Buyer’s Agency Exclusive Contract. BCREA has created a new video for you to share with your clients to help them better understand the purpose and content of this common standard form. The Buyer’s Agency Exclusive Contract outlines the …
You’ve listed a great property on behalf of your seller client. With your marketing efforts and the attractive offering, you have received multiple offers. Sounds like an ideal scenario, right? On the seller’s side, it certainly can be. But when it comes to potential buyers, there might be some concerns. How does a buyer know …
BCREA has created a video for REALTORS® to share with clients to help them better understand the Multiple Listing Contract (MLC), which is used in many real estate transactions in BC. One of two common listing contracts in BC, the MLC is used when a seller engages a Realtor to list their property on the …
This is the first post in “Standard Forms Spotlight,” a regular series of blog posts that will help REALTORS® enhance their understanding and build their knowledge of the many intricacies around provincial standard forms and clauses used in real estate transactions in BC. Learn more about what you can expect in the monthly series here. …
In June, we will be publishing the first post in “Standard Forms Spotlight,” a regular series of blog posts that will help REALTORS® enhance their understanding and build their knowledge of the many intricacies around provincial standard forms and clauses used in real estate transactions in BC. Published monthly, the blog posts will address common …
The British Columbia Real Estate Association (BCREA), in collaboration with the provincial Standard Forms Committee, BC’s 11 real estate boards and other stakeholders, has updated the Property Disclosure Statement (PDS). The updated PDS is now available on WEBForms®. What are the changes to the form? As a response to several issues impacting the BC real …
The British Columbia Real Estate Association (BCREA) has created a new Standard Form, the Notice & Acknowledgement form, for use by REALTORS® during the COVID-19 pandemic. It is now available on WEBForms®. With the practice of real estate having changed since the outbreak of COVID-19, your clients may have many questions and concerns over how …
As a result of recent changes to the strata insurance landscape, BCREA has created a Strata Insurance Clause to help REALTORS® support their clients when entering the strata property marketplace. The clause is now available for REALTORS® to use on WEBForms®, and a guide with more details on how to use the clause is available …
UPDATE (January 11, 2021): An update has been made to this video at the 11 minute mark to provide greater clarity on acceptance of a Contract of Purchase and Sale concerning counter offers. All other aspects of this video remain unchanged. The British Columbia Real Estate Association (BCREA) has created a video for REALTORS® to …
2020 has already gotten off to an eventful start for REALTORS® – the new Professional Development Program framework came into effect on January 1 and the Real Estate Council of BC announced it has developed a new mandatory anti-money laundering course for all real estate licensees. Here at BCREA, we’re rolling up our sleeves and …
The British Columbia Real Estate Association (BCREA) has created a new video to help consumers better understand the Privacy Notice and Consent form, and how REALTORS® protect consumer privacy and personal information during and after real estate transactions. You can show this video to consumers when discussing the Privacy Notice and Consent form, or at …
Recent changes to three Real Estate Council of BC mandatory disclosure forms are a significant improvement on previous versions, which were launched as part of the June 2018 Rule changes. The revised forms, which came into effect September 30, 2019, include the Disclosure of Representation in Trading Services, Disclosure of Risks to Unrepresented Parties and Disclosure to Sellers of …
Learn more about working with the recently updated Privacy Notice and Consent form The British Columbia Real Estate Association (BCREA) recently updated the Privacy Notice and Consent form, which explains to consumers how you’ll use and disclose their information. To learn more about the changes and working with the updated form, check out this short video …
CREA ready for early rollout in BC Good news from the Canadian Real Estate Association (CREA)—the new WEBForms® platform will be available in BC as early as mid-July. CREA will reach out to BC REALTORS® who are using WEBForms® about a week before the launch date with some training materials and to announce the exact …
Changes coming June 13 On June 13, changes to the Assignment of Contract of Purchase and Sale – New Development and Non-Developer and the Privacy Notice and Consent forms will come into effect. While none of the changes will have a significant impact on practice, it’s important for REALTORS® to familiarize themselves with the changes …
Relationships change – whether it’s between friends, family or a REALTOR® and a client. Sometimes, relationships come to a natural conclusion, like when a REALTOR® helps a client buy a home, meaning that terms of the Exclusive Buyer’s Agency Agreement have been met. The British Columbia Real Estate Association (BCREA) provides REALTORS® and their clients …
In an effort to make BC’s real estate industry more transparent, the Office of the Superintendent of Real Estate (OSRE) has introduced additional disclosure statement requirements regarding assignments of strata purchase agreements. While these changes are targeted at developers who market strata lots in developments properties, it’s important for REALTORS® who are involved in the …
As of October 29, 2018, updated versions of the Property Disclosure Statement Strata/Residential/Land and Building/Addendum Land and Building/Land forms are in effect. These standard forms have been updated to reflect the legalization of cannabis and are now available on WEBForms®. Update 1: Change to question in Clause 4a When completing the form, a REALTOR® should …
When the new Real Estate Services Act Rules came into effect on June 15, 2018, BCREA released new versions of various standard forms available to REALTORS®, including the following service agreements: Multiple Listing Contract; Exclusive Listing Contract; Buyer’s Agency Acknowledgment; Exclusive Buyer’s Agency Contract; Authority to Lease; Exclusive Authority to Lease; and Tenant’s Agency Exclusive Contract. While …
The new Disclosure of Referral Payment form and corresponding education guide, are now available on WEBForms®. As per Section 3-3(f) of the Real Estate Services ActRules, a licensee is required to disclose to a client “all known material information respecting real estate services” being provided. If a licensee has agreed to pay a referral payment, this is material …
Since the Real Estate Services Act Rule changes came into effect last month, there has been some confusion about how and when to use BCREA’s new Privacy Notice and Consent form. There have also been questions as to how it differs from the Real Estate Council of British Columbia’s disclosure forms that contain a Consumer Privacy Notice. …
Not surprisingly, the upcoming Rule changes will also mean updates to many of the BCREA standard forms used everyday. Once the Rule changes come into effect, outdated versions of the standard forms and the Working with a REALTOR®brochure will no longer be available on WEBForms®. As a REALTOR®, it’s important that you are ready to work …
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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