BCFSA Consultation on Pre-Sale Disclosure Form

Buying a pre-sale property in BC has its benefits, including locking in the price in today’s market and the ability for your client to choose the suite they want to buy. But there are also downsides to pre-sale purchases and the process of buying a pre-sale for both REALTORS® and the public can come with risks.

The BC Financial Services Authority (BCFSA) is consulting licensees, the development community, industry stakeholders and the public on a new Summary of Pre-sale Risks and Buyer Rights form which must be included at the front of a real estate developer’s initial disclosure statement.

The summary form is intended to provide consumers with information regarding key risks and contractual rights that they should consider prior to signing a pre-sale contract.

As a professional REALTOR®, you should be aware of the BCFSA consultation process and review the consultation feedback materials on the BCFSA website.

The consultation aims to gather input on the structure and content of the summary form and related proposed amendments to Policy Statement 14 of the Real Estate Development Marketing Act, or REDMA.

The consultation is open until Friday, May 17, and members can provide feedback through an online feedback form.