There are several disclosures, informational forms, and agreements associated with Buying and Selling real estate in BC. You'll find the most commonly used forms here, along with a brief description of each. It can be helpful to read these through at your own pace so that when we're going through them together, you know what to expect.
1 -
Disclosure of Representation in Trading Service - Explains the kinds of relationships you can have with a real estate professional, outlines the duties owed by the realtor in each instance, and makes clear whether or not you are protected by the agency relationship.
2 -
Privacy Notice and Consent - This form explains what information we collect, where we obtain it, and who we share it with in order to Buy or Sell a home. There are also common uses for information that the consumer can opt out of, and those are clearly identified.
3 -
Fintrac - Used to confirm the identity, address, and occupation of parties in a Real Estate Transaction. It's part of a global effort to curb money laundering and terrorist funding.
4 -
MLS Listing Agreement - This is the Contract between the Seller and the Brokerage who will list the property. Written by lawyers, it's the standard form used for any property listing on the MLS system - much of it cannot be amended. Price, dates, fees, and some terms are decided between the Agent and the Seller.
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Direction of Offers - Used to set a fixed date and time, and the manner in which Offers are reviewed.
6 -
Property Disclosure Statement - Completed by The Seller to provide protection to the Buyer. It gives the Buyer valuable information about the condition and history of the property to the best of the Seller's knowledge. It is an optional form, but with rare exceptions, most Sellers offer this additional detail.
7 -
Contract of Purchase and Sale - Used by the Buyer's Agent to Offer on the Seller's Property. It contains standard terms that cannot be amended, and also allows for additional ones. Price, dates, deposit amount, subjects - these are all negotiable terms and the CPS is where it happens. When subjects are removed, the Offer becomes the Contract of Purchase and Sale.
