Effective July 17 – New Disclosure Form required in Real Estate Transactions

[ Photo by Tierra Mallorca on Unsplash ]

By Pahul Gupta, Summer Student at Waterstone Law Group LLP

Effective July 17, 2023, the Real Estate Board of Greater Vancouver, the Fraser Valley Real Estate Board, and the Chilliwack and District Real Estate board will require the selling realtor and homeowner to complete, sign and share a new disclosure form.

The forms will list each of the competing offers that the home seller received and the name of the real estate brokerage of record that submitted the offer.

This new requirement is intended to bring comfort to prospective homebuyers and build greater trust in the real estate transaction process.

For more information on this new requirement, visit the Greater Vancouver Real Estate Board website for the full announcement.

If you have questions as to what this might mean for you and any transaction you are involved with, please contact Waterstone’s Real Estate Transactions group.