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FAQs - Proposed Consumer Disclosure Form for Pre-sales
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Developers must attach the completed form in front of the initial disclosure statement cover page. The Summary of Pre-Sale Risks and Buyer Rights form is part of the disclosure statement.
Developers are required to attach this form to their initial disclosure statement filing, including each initial phase disclosure statement for a phased strata development.
If developers are introducing a phase to market by filing a disclosure statement amendment, they do not need to attach a new form to the disclosure statement or the disclosure statement amendment.
Developers should acquire a purchaser’s initials on the form when they provide the purchaser with the disclosure statement.
Yes. Developers must fill out the field requesting the name of the development and the two fields that reference specific sections within the disclosure statement.
For example, if section 7.2 of the disclosure statement contains the required information on the purchase agreement, a developer should input 7.2 in the blank field in the contractual rights section of the form.
The fields in the form’s contractual rights section requiring dates should not be filled in until the disclosure statement is provided to a purchaser. In cases where these rights do not apply to a purchaser, developers may leave the fields blank or cross them out. Developers are reminded that they must explain to purchasers which rights apply to them and acquire their initials.
For each applicable right, the developer must fill in the blank with the date that is 12 months after the disclosure statement was filed with BCFSA. A disclosure statement is considered filed when both the disclosure statement and the associated filing fee have been received by BCFSA.
Yes. The summary form is part of the disclosure statement. If the information in the form contains a misrepresentation, it must be corrected via an amendment.
No. Developers are only required to attach the form to the initial disclosure statement filing. If they need to amend the form (e.g., correcting a section number), they must file an amendment to the disclosure statement. A new form is not required to be attached to the disclosure statement when filing this amendment.
No. If the developer filed the disclosure statement before the effective date, a summary form is not required when filing an amendment in this situation.
While there is no requirement under the Real Estate Services Act to retain a copy of the disclosure statement, a prudent licensee may wish to retain a copy to ensure they have an appropriate understanding of the development to best serve their client(s). Licensees should, however, be careful that they do not provide their client with advice outside of their expertise. Licensees should advise their client to seek independent professional advice.
Developers are reminded that while there is no requirement under REDMA to retain a copy of the disclosure statement, they must retain (for at least three years) a copy of the written statement from the purchaser that acknowledges that the purchaser has had an opportunity to review the disclosure statement. This acknowledgement is separate from the Summary of Pre-sale Risks and Buyers Rights form. A prudent licensee may want to retain a copy of this written statement as well as a copy of the initialed Summary of Pre-sale Risks and Buyers Rights form.
In either case, a brokerage can decide to implement its own policy requiring licensees to retain such documents. Licensees should review their brokerage’s policies and procedures manual or speak with their managing broker to determine what documents they are required to retain.