The British Columbia Real Estate Association (BCREA), in collaboration with the provincial Standard Forms Committee, BC’s 11 real estate boards and other stakeholders, has updated the Property Disclosure Statement (PDS). The updated PDS is now available on WEBForms®.

What are the changes to the form?

As a response to several issues impacting the BC real estate sector and concerns raised by REALTORS®, the five major revisions to the PDS are:

The PDS has also been amended with other minor housekeeping items.

BCREA has created a guide to help Realtors better understand and navigate these changes to the PDS. The guide includes more details on each of the five changes listed above.

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Standard Form Essentials: The Property Disclosure Statement

Coinciding with the release of the updated PDS is the launch of BCREA’s newest online course, Standard Form Essentials: The Property Disclosure Statement, which will earn Realtors three accredited Professional Development Program (PDP) hours.

In this course, Realtors will receive an in-depth overview of the entire PDS, resulting in a thorough knowledge of the form’s contents and purpose. The course provides Realtors with a comprehensive understanding of how valuable a completed PDS can be in reducing transactional risk for buyers, sellers, and Realtors.

As the COVID-19 pandemic continues to affect the way Realtors spend their time, many of you may be spending less time on transactions and more time on professional development. However, we understand that as a result of these changes, you may be experiencing unexpected financial strain.

Considering these unprecedented times, Standard Form Essentials: The Property Disclosure Statement, is launching at a discounted rate until July 31, 2020.

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