UPDATE: New Video Helps Clients Better Understand the Contract of Purchase and Sale

UPDATE (January 11, 2021): An update has been made to this video at the 11 minute mark to provide greater clarity on acceptance of a Contract of Purchase and Sale concerning counter offers. All other aspects of this video remain unchanged.

The British Columbia Real Estate Association (BCREA) has created a video for REALTORS® to share with their clients to help explain one of the key documents used in a real estate transaction: the Contract of Purchase and Sale (CPS).

Central to any transaction, the CPS outlines the terms and conditions on which a transaction takes place. You can share this video with your clients to help introduce the CPS, so that when they are ready to make or review an offer, they are familiar with the general content of the form.

The video provides essential information to help consumers understand the CPS, addressing many common questions they may have, including:

• When does the process begin and when is the Contract of Purchase and Sale used?
• What information is included in the Contract of Purchase and Sale?
• What do the terms in the contract mean?
• And many more

With this new video, Realtors and clients on both sides of the transaction will have a better understanding of the Contract of Purchase and Sale before signing it.

To download the Contract of Purchase and Sale Standard Form, visit WEBForms®.

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