Disclosure

Three Online Courses to Consider During BCREA’s Holiday Promotion

By Ellen Baragon, Guest Contributor Looking to end the year by brushing up on your skills or getting a head start on 2021 professional development requirements? Register for any of BCREA’s online PDP courses before December 31 and get 20% off the regular price with promo code HOLIDAY20. Six new online courses were introduced this

Stock Up on Online Courses with a Special Offer This Holiday Season

By Ellen Baragon, Guest Contributor Tired of getting the same old gifts of socks and ties at holiday time? BCREA is currently offering all online professional development courses at 20% off the regular course price, so you can give yourself the gift of knowledge this holiday season. From November 27 to December 31, REALTORS® can

Unpermitted Work and Buying or Selling a Home

What your clients need to know Whether your clients are buying or selling a home, unpermitted work—any renovation or modification made to a home for which the appropriate municipal building or other permits were not obtained—can prove to be problematic if not dealt with head-on. For sellers: disclose, disclose, disclose As the listing brokerage, you

Disclosure and Assignments for Strata Lots

Navigating changes to REDMA The BC Government recently made amendments to the Real Estate Development Marketing Regulation, which involve disclosure requirements for developers who market strata lots in development properties. Fortunately, the Office of the Superintendent of Real Estate (OSRE) issued Policy Statement 16 to provide guidance around these changes. And better yet, we’re here

Words Count in a Warranty #466

Legally Speaking

A warranty is a minor term in a contract and does not go to the root of the agreement between parties. It expresses some lesser obligation. Breach of warranty permits the innocent party to sue for damages, but not to repudiate or rescind the contract.1 When negotiating a real estate purchase, a buyer may ask

Buyers’ Due Diligence Obligations #452

Legally Speaking

By Jennifer CleeB.A., LL.B. There have been a number of recent articles on a seller’s obligation to make full and complete disclosure of all issues respecting property offered for sale. What about a buyer’s obligation when purchasing property? Most licensees are familiar with the doctrine of caveat emptor or ‘buyer beware.’ That maxim holds that

Defects, Disclosure and Caveat Emptor #430

Legally Speaking

By Jennifer CleeB.A., LL.B. It’s trite law that a seller and a listing REALTOR® have a duty to disclose known material latent defects, but not patent defects. Sometimes the distinction as to what constitutes a patent defect or a latent defect isn’t clear. Take a sump pump in the crawl space, for instance. Is it

Property Disclosure Statement – Shield or Sword? #406

Legally Speaking

By Jennifer Clee In the early 1990s, the profession introduced the Property Disclosure Statement, or PDS (formerly, the Property Condition Disclosure Statement). From its inception, the PDS was intended to shield sellers and representatives from lawsuits by minimizing their risk of liability for negligent misrepresentation. By providing a written record of the seller’s knowledge and

Strata Property Act—Common Expenses, Issue Between Non-Sectioned Apartment and Townhome Units; Strata Property Act—Undisclosed Strata Council Conflict of Interest #392

Legally Speaking

By Gerry NeelyB.A. LL.B. A strata corporation incorporated in 1987 had 36 apartment-style units and eight townhome-style units. The original owners agreed it would be fair to allocate 18 common expenses on a percentage basis between the two styles, based on the extent to which the benefit of an expense was attributable to one or

Buyer’s Agent Failure to Advise of Amendment in Counter-Offer #362

Legally Speaking

By Gerry NeelyB.A., LL.B An Ontario buyer’s agent, who submitted an offer to the seller’s agent, discovered the importance of carefully examining the seller’s counter-offer for amendments the hard way, at a personal cost of $50,000. The offer was subject to an inspection and to the “obtaining of a report satisfactory to the purchaser.” This

Soil Contaminated Sites #138

Legally Speaking

By Gerry NeelyB.A. LL.B. What do gas stations with underground tanks, sawmills, pulp mills, paint manufacturing shops, dry-cleaners, shipyards, truck parking yards for moving or fuel companies, junkyards, farms and 63 McClure Crescent, Scarborough, Ontario have in common? With the exception of 63 McClure Crescent, each is a potential site for soils contaminated by the

Soil Contaminated Sites [Continued] #139

Legally Speaking

By Gerry NeelyB.A. LL.B. A whole new growth industry is developing of scientists, engineers, law professors, lawyers, columnists, experts and others, around the pollution of the environment and the liability for doing so. An increased awareness by the public of environmental hazards which pose a risk to health, brings an increased risk to licensees who

Prospectus and Court Ordered Sales #80

Legally Speaking

By Gerry NeelyB.A. LL.B. By the time this is published, we hope that Bill 66, The Real Estate Amendment Act (No. 2) 1985,* has been proclaimed. If it has and the Superintendent has made available the form and contents he will require for a disclosure statement, then the long wait to obtain approval of a prospectus, which

Defects, Duty to Disclose Those That Are Reasonably Discoverable #66

Legally Speaking

By Gerry NeelyB.A. LL.B. We import more than fruit, vegetables, movies and the Beach Boys from California; now we may be importing their law. A licensee has forwarded a reference to a decision of the California Supreme Court which contains reasons similar to those of a recent British Columbia decision concerning the duty of an

Section 28 Disclosure Statement #53

Legally Speaking

By Gerry NeelyB.A. LL.B. Section 28 of the Real Estate Act was amended in 1981 to widen the requirements for disclosure to be made by a licensee prior to the purchase of real estate by the licensee or his associates. The amendment required the preparation of a disclosure statement “in the form and manner prescribed by the

Prospectus, Disclosure Statement and Other Changes #83

Legally Speaking

By Gerry NeelyB.A. LL.B. More than you ever wanted to know about this subject, but were afraid to ask. The changes to Part 2 of the Real Estate Act that have been made over the past three years, ending with the most recent policy statements Numbered 7 and 9 issued by the Superintendent in December, 1985, justify

Licensees’ Duty to Disclosure of All Facts to His Principal #1

Legally Speaking

By Gerry NeelyB.A. LL.B. The selling agent brought an offer to the listing agent for $85,000.00 on September 26, 1977, which was accepted by the vendors, subject to their obtaining a release of a prior offer by September 29th. The release was obtained, the contract became binding and on September 30, 1977, the selling agent