BCREA, in collaboration with the provincial Standard Forms Committee (which has representation from FVREB), BC’s 11 real estate boards and other stakeholders, has updated the Property Disclosure Statement (PDS). The updated form is now available on WEBForms®.
Changes to the Property Disclosure Statement:
In response to several issues impacting the BC real estate sector and concerns raised by Realtors, the five major revisions to the PDS are the:
- addition of questions related to radon gas;
- removal of the link to the BC Housing Registry as it pertains to home warranty insurance under the Homeowner Protection Act;
- removal of the term “material” in relation to latent defects to be consistent with the common law disclosure requirements;
- replacement of the term “marijuana” with “cannabis” to ensure language consistency; and the
- addition of a copyright notice.
The PDS also has minor housekeeping updates.
More information:
BCREA has provided a guide to help you better understand and navigate the PDS changes. This document includes more details on the changes listed above.
New Online Course: Standard Form Essentials – The Property Disclosure Statement
As part of the release of a revised Property Disclosure Statement, BCREA has launched a new online course, “Standard Form Essentials – The Property Disclosure Statement.” Realtors who complete the course will be eligible to receive three accredited Professional Development Program (PDP) hours.
In the course, you will provide:
- an overview of the entire PDS to help you gain an in-depth knowledge of the form’s contents and purpose; and
- information on how valuable a completed PDS can be in reducing transactional risk for buyers, sellers, and Realtors.
In order to encourage Realtors who may be experiencing unexpected financial strain during the COVID-19 pandemic, BCREA is offering the course at a discounted rate until July 31, 2020.
The discounted cost for the Standard Forms Essentials – The Property Disclosure Statement course is $60 (a savings of $20 until July 31, 2020). Sign up for it here.
Sources: BCREA and FVREB Communications