As BCREA communicated earlier last month, two standard forms are changing on Thursday, June 13, 2019. One is the Privacy Notice and Consent Form the other is the Contract of Purchase & Sale – New Development and Non-Developer.
The changes won’t significantly change how you do business, however as with all revisions, you need to be aware of them and know how to walk your client(s) through using the forms.
Privacy Notice and Consent Form
Clients will be able to opt-out of
giving you, their agent, permission to collect and use their personal information.
The revised form will now include a checkbox for clients to make that choice. This
was done to reflect current Canadian privacy laws.
You’ll notice that the term “Designated
Agent” has been replaced with the word, “REALTOR®”. This change was made so
that this form could be used with represented and unrepresented parties.
Contract of Purchase & Sale – New Development
Contract of Purchase & Sale – Non-Developer
Clause 5.25 of the New Development form and Clause 4.21 of the Non-Developer form have been updated to include an initial box for the Assignee to declare whether they are a Canadian citizen, or a permanent resident, as defined in The Immigration and Refugee Act. This change ensures there is consistency throughout all the Contract of Purchase and Sale forms.
BCREA updates their Standard Forms Change list continuously.
To find it, log into REALTOR Link® > go to BCREA’s page (top right corner search bar) > on BCREA’s page, choose the Resources for Boards & REALTORS® tab (far right on the blue menu bar) > Standard Form Changes PDF (under Standard Forms.)