Buying a home in Metro Vancouver? New forms provide information about competing bidsSynergy Mortgage2023-09-16T14:24:39+00:00
The new forms must be completed by sellers starting July 17th, 2023.
“This new form will help confirm and bring comfort to prospective homebuyers in the region that every offer was fairly presented and considered in the process,” said REBGV CEO Jeff King in a statement. “The real estate profession believes that this change will help inform the public and build greater trust in the real estate transaction process — specifically in instances when competition and emotion run highest.”
The selling realtor and the homeowner will then be required to sign this form and provide it to all parties that submitted offers no later than one calendar day after the seller has made a decision, according to the REBGV.
The new disclosure form seeks to balance homebuyers’ rights around transparency and disclosure with home-sellers’ rights to privacy during the sale of their home.