BCREA recently shared its Standard Forms Pre-Launch Package with managing brokers and will distribute it to the wider REALTOR® community later this month. The package includes revision summaries, guides, and revised and new forms based on changes prompted by the new Home Buyer Rescission Period (HBRP) regulations coming in January 2023, in addition to other non-regulatory changes as outlined below:
Home Buyers Rescission Period regulatory changes to:
- Buyer’s Agency Exclusive Contract
- Co-Listing Form Separate Representation
- Contract of Purchase and Sale Residential
- Exclusive Listing Contract
- Fee Agreement Buyer Pays (Buyer and Seller Not Represented)
- Fee Agreement Seller Pays (Buyer and Seller Not Represented)
- Fee Agreement Seller Pays (Buyer Represented Seller Not Represented)
- Multiple Listing Contract
- NEW FORM – Notice of Rescission Residential Real Property
Non-regulatory changes to multiple forms, including:
- A new section for various Contracts of Purchase and Sale to help strengthen the enforceability of contracts
- Updates to radon questions within multiple Property Disclosure Forms; and
- Housekeeping and form useability amendments.
The updated forms will be available on CREA WEBForms® on January 1, 2023, at which time the launch package will be distributed. You can view the full package here: click here
Resources
To further support and prepare REALTORS® for the upcoming changes, BCREA has created additional resources including:
Home Buyer Rescission Period Landing Page
On BCREA Access a Home Buyer Rescission Period landing page is available for all future communications and resources. You may wish to bookmark this page, as it will feature all the latest resources and supports for the January 1, 2023, Standard Forms Launch in addition to HBRP resources.
Community of Practice
November 16 at 10:00 a.m.- Review of the regulatory & non-regulatory Standard Forms, new forms and form revisions that will launch on January 1, 2023. Click here to register.
Standard Forms Toolkits & BCREA’s Professional Development Courses
The Standard Forms Toolkits on the Standard Forms Resource Centre and BCREA’s Professional Development Courses are currently being updated. They will be available in early December. As well, a new Home Buyer Rescission Period course is being planned for early December.
If you have any questions regarding Standard Forms, please contact: standardforms@bcrea.bc.ca.