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The BCREA Blog is a platform for sharing the latest education news, economics statistics, issues relating to the profession and links to valuable resources for REALTORS®, stakeholders and the public.

Standard Forms Updates

Published Jul 06, 2017

iStock Signing Contract 2.XSmall
Contract of Purchase and Sale – Residential

As of March 30, a buyers' citizenship/residency disclosure question has been added to the residential Contract of Purchase and Sale (CPS) to provide REALTORS® and sellers with information relevant to determining if the buyers are obligated to pay the additional 15 per cent Property Transfer Tax (PTT) imposed on foreign nationals. Licensees should not give advice to their clients on how to complete this declaration, nor on how to interpret any declaration made by the other party to the transaction. However, as a best practice, licensees should recommend that their clients seek legal or accounting advice with respect to tax issues. A reminder to this effect now also appears on the "Information About This Contract" sheet appended to the CPS.

The residency disclosure on the CPS was added specifically for individuals and is limited to individuals due to the nature of the test for determining whether they are required to pay the additional PTT. Since the test to determine if the additional PTT is applicable to non-individual or corporate buyers is more complicated, only individual buyers were included on the CPS. Accordingly, non-individual or corporate buyers should not complete this section and should be advised to seek tax advice to determine if the additional PTT is payable in their situations.

Contract of Purchase and Sale – Commercial
On April 20, the commercial CPS was updated on WEBForms® with the minor edit of swapping clauses 41 and 42 on page 7 for correct referencing of those clauses on page 3, section 12 related to schedules.

Amendment of Buyer's Agency Exclusive
On June 1, the Amendment of Buyer's Agency Exclusive form will be updated on WEBForms® for improved consistency with other provincial amendment forms. The document will include the addition of a buyers' line at the top of the page and a brokerage approval line at the bottom of the page. Reference to the Exclusive Buyer's Agency Contract will also be replaced with Buyer's Agency Exclusive Contract as the current title of that corresponding contract.

REALTORS®: For more information on these updates, please login into REALTOR®link.


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