Get to Know the 11 New Standard Forms and Schedules Coming This November

Oct 28, 2021

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Mackenzie Smith
Communications Assistant

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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 a Community of Practice session on November 3. This session will provide an overview of the creation and form change process and will highlight the new forms, clauses and form revisions as well as the resources that were created to support Realtors in preparing for the release.  If you haven't already registered for his session you can do so below.

Managing brokers & Realtors can also stay up to date with the latest on the Fall 2021 Standard Forms Release by visiting bcrea.bc.ca/forms2021. BCREA will also shortly be announcing a Realtor Q&A webinar on the new form and form changes on Dec. 2 - stay tuned for details!

In the meantime, here's an overview of the new forms that will be released on Nov. 24.

Cancellation of Buyer's Agency Exclusive Contract

This form supports Realtors, their brokerages and their buyer clients by providing a written agreement for the termination of a Buyers Agency Exclusive Contract, with flexible terms for the cancellation.

Contract of Purchase and Sale Business Assets Schedule

BCREA has made amendments to the Contract of Purchase and Sale (CPS) Business Assets form to assist Realtors in better capturing the details of the various business assets that may be included as part of the transaction. Based on these revisions, a specific CPS Business Assets Schedule was created.

Contract of Purchase and Sale First Nations Leasehold Land - Third Party Consent Required

This form is to be used specifically in transactions involving First Nations Leasehold Land where third-party approval is required. Like other versions of the CPS, it's a template agreement to facilitate the purchase and sale of a leasehold interest in a particular property by creating a written contract between the seller and the buyer. It is also used to guide the negotiations between the parties. 

Contract of Purchase and Sale First Nations Leasehold Land - Third Party Consent Not Required

This form is to be used specifically in transactions involving First Nations Leasehold Land where third-party approval is not required. Like other versions of the CPS, it's a template agreement to facilitate the purchase and sale of a leasehold interest in a particular property by creating a written contract between the seller and the buyer. It is also used to guide the negotiations between the parties. 

Notice of Condition Waiver Declaration/Fulfillment (Offer to Lease)

This form supports Realtors dealing with an Offer to Lease by documenting if a party is waiving or declaring fulfilled the condition(s) that were included for their benefit in the original Offer to Lease.  

Notice of Condition Waiver Declaration/Fulfillment (Offer to Lease) Schedule

This schedule was created to enhance form usability allowing additional space for declaring condition(s) waived or fulfilled in the Notice of Condition Waiver Declaration/Fulfillment - Offer to Lease form.

Notice of Condition Waiver Declaration/Fulfillment (Contract of Purchase and Sale) Schedule

This schedule was created to enhance form usability allowing additional space for declaring condition(s) waived or fulfilled in the Notice of Condition Waiver Declaration/Fulfillment (Contract of Purchase and Sale) form.

Property Disclosure Statement Addendum

This addendum was created to provide additional space for comments and/or explanations in the Property Disclosure Statement forms. 

Property Disclosure Statement - Bare Land Strata

This form was created to allow sellers to disclose the status or condition of a property to a buyer for residential properties constructed on a bare land strata lot.

Property Disclosure Statement First Nations Leasehold Properties

This form was created to allow sellers to make specific disclosures about the status or condition of leasehold properties located on First Nations Reserve Lands, providing potential buyers with information about the condition of the property.

Homeowner's Association (HOA) Schedule to Property Disclosure Statement First Nations -Leasehold Properties

This schedule was created to be used with the Property Disclosure Statement First Nations Leasehold Properties and serves to provide information to potential buyers for properties that are part of an HOA.

If you have any further questions about the Fall 2021 Standard Forms Release, please visit bcrea.bc.ca/forms2021 or email [email protected].

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