BCREA Standard Forms Housekeeping Amendments Spring 2022
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 changes to the forms as soon as possible.
On May 16, 2022, BCREA will be releasing the following through CREA’s WEBForms®:
- revisions to four standard forms,
- a modification to a question impacting several Property Disclosure Statements,
- the retirement of the Presale Transaction Cross Reference List form, and
- enhancements to the searchability of forms on WEBForms®.
The following is a summary of the standard forms and the revisions that will be included.
Assignment of Contract of Purchase and Sale
The Assignment of Contract of Purchase and Sale New Development is being updated to remove a dollar sign in the box that is intended to insert the percentage amount of the developer’s fee if the parties agree that the fee is a percentage of the purchase price in the contract.
Parties are still able to enter an agreed upon amount as a dollar figure in the appropriate box should they prefer.
Buyer’s Agency Acknowledgement
The Buyer’s Agency Acknowledgment form is being updated to provide space to identify the name of the brokerage that will provide services to the buyers through the efforts of the designated agent.
As with other standard forms, BCREA is working to provide additional space to accommodate three buyers working with the designated agent, including spaces for up to three buyers' initials and signatures on the acknowledgement form.
Contract of Purchase and Sale of Manufactured Homes on a Rental Site
The Contract of Purchase and Sale of Manufactured Homes on a Rental Site form is being updated to be consistent with other versions of the Contract of Purchase and Sale with regards to when the deposit would be paid.
This change provides that the deposit will be paid within 24 hours of acceptance unless otherwise agreed to by the parties to the contract, to provide greater certainty.
It also specifies that all monies paid pursuant to this section (DEPOSIT) will be paid in accordance with Section 12 TENDER or by uncertified cheque except as otherwise set out in Section 2 DEPOSIT and will be delivered and held in trust under the Real Estate Services Act to the named entity.
Tenancy Agency Exclusive Contract & Schedule
A third initial box has been added to provide a space for each page to be initialled by the tenant as well as the managing broker or another authorized signatory from the brokerage.
Schedule “A” is also being incorporated into the contract to enable the designated agent to set out the services to be provided to the tenant.
Property Disclosure Statement – Multiple Forms
The question on the following Property Disclosure Statements that references “WETT certificate” is being updated to reflect the fact that there are WETT certified inspectors but no WETT certificates:
- Property Disclosure Statement Residential
- Property Disclosure Statement Rural Properties – Land and Buildings
- Property Disclosure Statement Strata Title Properties (Non-Bare Land Strata)
- Property Disclosure Statement Strata Title Properties (Bare Land Strata)
- Property Disclosure Statement First Nations Leasehold Properties
Form Retirement – Presale Transaction Cross Reference List
The Presale Transaction Cross Reference List form was originally designed to provide buyers with important information on multi-family units that were under development and to provide a starting point for buyers to determine whether advice or clarification is needed. Over the years the use has dropped to a point where maintaining or making necessary updates to the form with such low usage is no longer an effective use of resources. As such, the Presale Transaction Cross Reference List form is being retired.
In addition to the form changes, additional keywords have been added to BCREA Standard Forms on CREA’s WEBForms® to enhance the searchability of the forms. This has not changed the form names only the ease of the search.
In addition to searching forms by keywords, the drop-down menu containing all forms remains.
Click here to view the Spring 2022 Housekeeping Standard Form Revisions Pre-Launch Package, which includes a summary of the changes along with advanced copies of the revised forms (watermarked and not for use). REALTOR Link® login required.
If you have any questions about the Spring 2022 Housekeeping Standard Form Revisions email [email protected].
To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.
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