BCREA has advised the following forms will be revised or added on WEBForms® on Tuesday, November 1, 2016.
Change: Personal Information Clause revised to inform the consumer about the companies using digital signatures, for example, the documents that are hosted by DocuSign are stored on servers located in the US. Any information housed on US servers is subject to the Patriot Act. The following forms will have the new clause added:
- Assignment of New Development
- Assignment of Non Development
- Authority to Lease
- Buyer’s Agency Exclusive Contract
- CPS Commercial
- CPS Residential
- CPS Business Assets
- CPS Manufactured Homes
- CPS Leasehold Interest in First Nations Reserve Lands
- Exclusive Authority to Lease
- Exclusive Multiple Listing Contract
- Fee Agreements Buyer/Seller (4)
- Fee Agreements Tenant/Landlord (4)
- Limited Dual Agency
- Limited Dual Agency – Competing Buyers/Tenants
- Multiple Listing Contract
- Offer to Lease
- Tenants Agency Exclusive Contract
Change: Information Page – a line has been added to note that there may be financial adjustments other than costs listed in the paragraph. The forms with the new line added are:
- CPS Commercial
- CPS Residential
- CPS Business Assets
- CPS Manufactured Homes
- CPS Leasehold Interest in First Nations
Change: Residency of Canada Section moved to the end of the form and changed to an initial box. This is to increase transparency and be more practical.
- Assignment of New Development
- Assignment of Non Development
- Authority to Lease
- CPS Commercial
- CPS Residential
- CPS Business Assets
- CPS Manufactured Homes
- CPS Leasehold Interest in First Nations Reserve Lands
- Exclusive Authority to Lease
- Exclusive Multiple Listing Contract
- Fee Agreements Buyer/Seller (BC2050, BC2051)
- Fee Agreements Tenant/Landlord (BC2066, BC2067)
- Multiple Listing Contract
Change: Time clause revised to be more clear on the Section of RESA it relates to:
- CPS Commercial
- CPS Residential
- CPS Business Assets
- CPS Manufactured Homes
- CPS Leasehold Interest in First Nations
Change: Assignment of Remuneration clause added to the rest of the CPS forms, the clause was added to the CPS-Residential form in August 2015; the change was made to increase transparency:
- CPS Commercial
- CPS Business Assets
- CPS Manufactured Homes
- CPS Leasehold Interest in First Nations
Change: A question on WETT was added since it’s an industry standard for certification and confirming compliance to that standard protects the consumer. A question on tenancy was added to provide awareness of tenancies.
- PDS – Residential
- PDS – Strata
- PDS – Land & Building
- PDS – Addendum Land and Building (only Tenancy question)
- PDS – Land (only Tenancy question)
Change: Expiry date on the contract bolded to be more visible and consumer friendly
- Multiple Listing Contract
Change: Clause 3 expanded similar to the CPS – Residential. Where the CPS and CPS addendum were merged to assist REALTORS® with their day-to-day business transactions. The new change will mean instead of having Addendums on every contract, the terms and conditions can be part of the CPS – Manufactured Homes by removing the small terms and conditions box and in effect replace it with 1 or more full blank pages as are needed. This would allow for all terms and conditions to be part of the original contract keeping the last page as the signature page just as it is now. If during negotiations the parties need to add an additional page they can still add an addendum if needed but at least most CPS – Manufactured Homes with common clauses would not need them. Additional pages would automatically be added and numbered sequentially.
- CPS Manufactured Homes
Change: Seller lines added to create additional space for the seller to print their name, in addition to their signature
- Amendment of Listing Contract
New forms
- Amendment of the Authority to Lease
- Amendment of the Exclusive of the Authority to Lease
- Amendment of the Exclusive Listing Contract