Property Disclosure Statement Revised and Released Alongside New Online Course
CATEGORY: Standard Forms
TAGS: Cannabis Latent Defects Online Courses Professional Development Program Property Disclosure Property Disclosure Statement Radon Standard Forms
The British Columbia Real Estate Association (BCREA), in collaboration with the provincial Standard Forms Committee, BC's 11 real estate boards and other stakeholders, has updated the Property Disclosure Statement (PDS). The updated PDS is now available on WEBForms®.
What are the changes to the form?
As a response to several issues impacting the BC real estate sector and concerns raised by REALTORS®, the five major revisions to the PDS are:
- the addition of questions related to Radon Gas;
- the removal of the link to the BC Housing Registry as it pertains to home warranty insurance under the Homeowner Protection Act;
- the removal of the term "material" in relation to latent defects to be consistent with the common law disclosure requirements;
- the replacement of the term "marijuana" with "cannabis" to ensure language consistency; and
- the addition of a copyright notice.
The PDS has also been amended with other minor housekeeping items.
BCREA has created a guide to help Realtors better understand and navigate these changes to the PDS. The guide includes more details on each of the five changes listed above.
REALTOR Link® username and password required.
Standard Form Essentials: The Property Disclosure Statement
Coinciding with the release of the updated PDS is the launch of BCREA's newest online course, Standard Form Essentials: The Property Disclosure Statement, which will earn Realtors three accredited Professional Development Program (PDP) hours.
In this course, Realtors will receive an in-depth overview of the entire PDS, resulting in a thorough knowledge of the form's contents and purpose. The course provides Realtors with a comprehensive understanding of how valuable a completed PDS can be in reducing transactional risk for buyers, sellers, and Realtors.
As the COVID-19 pandemic continues to affect the way Realtors spend their time, many of you may be spending less time on transactions and more time on professional development. However, we understand that as a result of these changes, you may be experiencing unexpected financial strain.
Considering these unprecedented times, Standard Form Essentials: The Property Disclosure Statement, is launching at a discounted rate until July 31, 2020.
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