BCREA Releases New Form to Address Risk of Subject-Free Offers
CATEGORY: Standard Forms
TAGS: Buyer's Acknowledgement of Information Standard Forms Resource Centre Subject Conditions
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 independent legal advice. Using this form will help mitigate risks for Realtors, brokerages and clients by helping to ensure clients make informed decisions. The new form is now available for download on WEBForms®.
Conditions reviewed in the form
The Buyer’s Acknowledgement of Information – Recommended Conditions form captures a number of recommended conditions found in a typical offer for residential properties in BC, including home inspection, financing, insurance and strata documents, and leaves room for any other conditions discussed to be documented. By filling out this form, a buyer acknowledges that despite the increased risks, they have instructed their Realtor to make an offer on the property without some or all of the documented conditions.
Accompanying form toolkit
BCREA Standard Forms has created a comprehensive form toolkit, available on the Standard Forms Resource Centre, to support Realtors in working with this new form. This toolkit reviews the purpose of the form, how and when it should be used, and frequently asked questions, including whether this is a mandatory form, whether it can be used when working with unrepresented parties, and if a Realtor should complete the form if the buyer would like to include most but not all of the recommended conditions.
To access the numerous Standard Forms resources available, including form guides, revision guides, videos for Realtors and consumers, form toolkits and more, please visit the Standard Forms Resource Centre.
If you have questions on Standard Forms, please email [email protected].
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