BCREA has advised that the following forms have been revised and are available on WEBForms® as of October 30, 2017.
Major changes
Authority to Lease and Exclusive Authority to Lease
Change:
- Clause 3 Terms of Lease – Separated Gross and Basic Rent
Reason: To provide more clarity and reflect common practice.
Offer to Lease
Changes:
- Clause 6 – Revised to add Gross Rent
- removed 6.5 – Additional Rent Commences
- Clause 6.3 Rent Schedule Attached – added Yes and No boxes
- added Clause 14.4 – Deposit to be applied as follows
- Terms – Clause 21 – added Gross Rent
- Terms – Clause 34 – Added “in the manner specified in section 14.4”
Reason: To provide more clarity and reflect common practice.
Minor changes
Property Disclosure (Residential, Strata, Land and Building, Land and Building Addendum)
Changes:
- S or X. Were these Premises constructed by an “owner builder,” as defined in the Homeowner Protection Act, within the last 10 years? (If so, attach required Owner Builder Disclosure Notice.)
- T or Y. Are these Premises covered by home warranty insurance under the Homeowner Protection Act? (Please visit BC Housing’s New Home Registry for confirmation on home warranty insurance.)
Reason: BC Housing ceased to issue the ‘Owner Builder Declaration and Disclosure Notice,’ and started issuing ‘Owner Builder Disclosure Notice’ in place of the old ‘Owner Builder Declaration and Disclosure Notice.’
Exclusive Buyer Agency Contract
Changes:
- added Buyer Residency initial box on last page
- added the following clause to the information page: RESIDENCY: When completing their residency and citizenship status, the Buyer and the Seller should confirm their residency and citizenship status and the tax implications thereof with their Lawyer/Accountant.
Reason: To be consistent with other forms, BCREA added the residency disclosure question.
Contract of Purchase and Sale – Residential
Changes:
- Clause 21 – expanded the lines for Designated Agent/License and Brokerage
- Clause 21 – changed “who is licensed” to “who is/are licensed”
- Information page – added Clause 11 Agency Disclosure: In Section 21, all Designated Agents/Licensees with whom the Seller or the Buyer has an agency relationship should be listed. If additional space is required, list the additional Designated Agents/Licensees on an addendum to the Contract of Purchase and Sale.
Reason: To provide consistency on all the forms and consumer disclosure.