Get Ready for BCREA’s Fall 2020 Standard Forms Release
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 are changing?
We'll be providing a complete list of the new and revised forms in the August 28th issue of Resources of REALTORS®. This edition will include an information package with an advance copy of the forms (watermarked, not for use) and their associated guides so Realtors can familiarize themselves with the changes before they come into effect.
How is BCREA helping Realtors prepare?
The August 28th issue of Resources of REALTORS® will also include blog posts that review the three category of revisions in detail (new forms, new clauses and form revisions) with a focus on practice implications. But that's not all BCREA is doing to support Realtors through these changes.
On August 19, we're offering a webinar for managing brokers so they are better prepared to respond to questions once the information package and watermarked forms are released later this month. Our aim is to help Realtors and managing brokers hit the ground running when the new and revised forms become available on September 16.
Additional webinars and resources will be provided once the forms are launched to provide Realtors ongoing support as they integrate the changes into their daily practice.
Why are so many changes being made?
The new and updated forms were drafted in response to requests from the profession and reflect regulatory and practice requirements. BCREA decided to release all the form changes at once based on feedback from Realtors. The intention is to reduce the amount of changes Realtors experience over the course of the year while improving consistency - to signature blocks, for example - across standard forms. BCREA standard forms are not mandatory and are intended to Realtors meet professional obligations and reduce risk.
We anticipate another form release later in 2020 when the Land Owner Transparency Act comes into effect. We will be supporting Realtors through this change and providing additional information as it becomes available.
How can I stay up to date?
In addition to keeping an eye on your inbox, you can also visit and bookmark bcrea.bc.ca/forms2020, a dedicated web page to help Realtors and managing brokers stay up to date with the latest on the Fall 2020 Standard Forms Release. Here you'll find links to relevant blog posts as well as quick links to the new Standard Forms Resource Centre, for training materials and resources, and WEBForms®, where you can access the new and revised forms and clauses on September 16.
To subscribe to receive BCREA publications, or to update your email address or current subscriptions, click here.
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