BCREA has advised, there will be updates to the following Standard Forms in recognition of the Real Estate Development Marketing Act (REDMA) and Speculation and Vacancy Tax changes. The forms are scheduled to be available on WEBForms® on February 28.
Contract of Purchase and Sale – Residential
- Information Page – Adding Clause 7 Closing Matters
- Clause 11A – To be renumbered and the new number (2) references the Speculation and Vacancy Tax
Assignment of Contract of Purchase and Sale – New Development
- Clause 5.6 – The type of information needs to be collected regarding the Assignee or Assignor
- Clause 5.7 – Adding “REDMA; or” after is required under the Contract
- Page 7 – Clause 3 – Adding section for the Assignee information
Tenant Occupied Property – Buyers Notice to Seller for Vacant Possession
- “Sellers Name” changing; “To”; Re: Address” changing to “Property”
Contract of Purchase and Sale – Commercial
- Clause 25 – “Social Service Tax Act” being replaced with “Provincial Sales Tax Act”
- Under 4. Purchase Price – adding 4.1 in the box
Review the updated Standard Forms Change list to see the recent form changes. This list is continuously updated by BCREA so you can check it anytime. To find it, log into REALTOR Link® and make your way to BCREA’s “Resources for Boards & REALTORS®” page and scroll down to “Standard Forms” on the right.