September 30, 2019, Vancouver, BC -Today, RECBC has released revised versions of three mandatory consumer disclosure forms, available on our website and on WEBForms:
- Disclosure of Representation in Trading Services
- Disclosure of Risks to Unrepresented Parties
- Disclosure to Sellers of Expected Remuneration
In addition, a disclosure form specifically for use with residential tenants is now available:
This form fulfills the disclosure requirements under sections 5-10 and 5-10.1 of the Rules and is for use only with prospective tenants for residential rental property.
There will be a three-month transition period, from September 30 to December 31, 2019, during which real estate licensees may use either the original or the revised versions of the forms to make the mandatory disclosures to consumers. After December 31, 2019 the revised versions of the forms must be used exclusively.
Shorter forms:the revised forms are reduced in length so that consumers can quickly review the information they need in order to make decisions.
Clearer Information: we’ve eliminated some technical language, making the disclosures easier to understand.
Disclosures are not Contracts: each revised disclosure form includes a statement to let consumers know that the form is not a contract. By initialling the form they are simply acknowledging that they received the disclosure.
New Toolkits for Real Estate Professionals:to learn more about the changes to the forms, check out the interactive, mobile-friendly toolkits now available. More resources for real estate licensees and consumers will be launched throughout the fall. Read the toolkits!
Revised versions of the Disclosure of Representation in Trading Services form and the Disclosure of Risks to Unrepresented Parties form are now available on the RECBC Forms App. We’ve also made changes to the app to make it easier to navigate and use with consumers. Check it out for yourself — will open in a new tab!