BCREA's 2021 Standard Forms Release Coming This Fall
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 leasehold interest properties, dealing with negative assignments amounts and strata properties dealing with proposed levies.
The form revisions are intended to:
- Maintain alignment with regulatory and practice requirements, including the real estate regulator's recent name change and references to the Real Estate Services Rules and renumbering.
- Incorporate requests from members of the profession and associated professions, such as changes to the Contract of Purchase and Sale Manufactured homes, Property Disclosure Statement with regards to the Water Sustainability Act.
- Bring greater clarity and uniformity with some of the standard contract terms across various forms.
- Redesign the layout of the Notice of Condition Waiver/Declaration of Fulfillment, Contract of Purchase and Sale and Property Disclosure Statement forms.
How is BCREA helping REALTORS® prepare?
To prepare Realtors and managing brokers for the new forms and form revisions, BCREA will release various resources leading up to the launch and additional supports after the launch, including:
- A dedicated web page to help Realtors and managing brokers stay up to date with the latest on the Fall 2021 Standard Forms Release: bcrea.bc.ca/forms2021.
- A Managing Broker Community of Practice session on November 3 to explore the 2021 form changes. Click here to register for this session.
- A Post-launch Realtor webinar on December 2 featuring a live Q&A and discussion on the form changes. Stay tuned for a link to register.
- Open House by BCREA podcast episode on the 2021 form changes released on November 26.
Keep an eye on your email inbox for Resources for REALTORS® more information on the 2021 forms release, including links to the resources mentioned above!
How can I stay up to date?
In addition to keeping an eye on your inbox, make sure you also visit and bookmark the launch page at bcrea.bc.ca/forms2021.
This page will have links to relevant blog posts as well as quick links to the Standard Forms Resource Centre, where you can access the Standard Forms Toolkits as well as other Standard Forms resources and WEBForms®, where you can access the new and revised forms and clauses on November 24.
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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