Practice Tip: Can you list an owner-built home?

A couple years ago, there were big concerns about REALTORS® listing and selling owner-built homes that did not meet the requirements of the Homeowner Protection Office (HPO). At that time, it was communicated to members that you cannot list or sell owner-built homes without the required paperwork. The HPO recently softened these requirements in Regulatory Bulletin #5: Buying or Selling an Owner-Built Home.

You can list an owner-built home; however the required paperwork must be provided to the prospective purchaser prior to entering into a Contract of Purchase and Sale and before the home is sold. You should also note, the HPO says, “As of July 4, 2016, all applicants for an Owner Builder Authorization will be required to meet all eligibility criteria and pass an exam to evaluate their knowledge and understanding of home building basics.” For more details on the exam, click here.

This Practice Tip was provided by Dennis Wilson, Manager, Professional Standards, FVREB.