BCREA revisions to Standard Forms

Other

The Real Estate Council of BC has introduced new rules (3-3.1 and 3-3.2) that deal with designated agency. There have been revisions to a number of Standard Forms to reflect these new rules.

These changes centre on the obligation of the brokerage to remain neutral under designated agency and help clarify that the fiduciary duties of the designated agent does not apply to the brokerage or other licensees within the brokerage.

The following forms have been updated. Members should only use the new version of these forms:

• Authority to Lease
• Buyer Agency Acknowledgement
• Exclusive Buyers Agency Contract
• Exclusive Tenants Agency Contract
• Exclusive Authority to Lease
• Limited Dual Agency
• Limited Dual Agency Competing
• Multiple Listing Contract
• Working With a REALTOR® brochure

New form and education guide - available on July 2

• New form and education guide – Contract of Purchase and Sale Business Assets

Revised forms (minor change* – previous version can still be used) available on July 2

• Contract of Purchase and Sale
• Contract of Purchase and Sale – Commercial

*Minor change: On the information page – added (plus GST) beside Real Estate Commission under Costs to be Borne by the Seller.