Questions regarding Bill 44 – Building and Strata Statutes Amendment Act, which came into effect on November 24, 2022, have been plentiful. One suggestion is for the MLSLink Data Input Form to be amended for clarity and ease of use. While changes to the Data Input Form will be coming soon, Brokers and members should consider whether full disclosure of any by-law restrictions in the meantime, is still appropriate.
Without question, the appeal of a restriction-free building, more often than not, is desirable to both buyers and sellers. The risk, however, is that before a particular restriction is removed by a strata council, the restriction is technically still there, even though it may no longer be enforceable. For the sake of full disclosure, a careful real estate professional should consider asking the buyer and seller to acknowledge the presence of any restrictions, and then deal with the impact of Bill 44 with a “subject to independent legal advice” clause in the contract. The alternative in claiming that a building is now restriction-free, when in theory a strata can take months to amend its by-laws, may be premature.
For more information on the impact of Bill 44, Brokers and members are encouraged to review the BCFSA’s advisory, published on November 28, 2022, and/or contact a BCFSA practice standards advisor.
Brokers and members should also note that strata by-law restrictions can now be viewed on Realtor.ca. A discussion on full disclosure with your clients is not only appropriate for risk management, but will also eliminate confusion and build trust.