Ensuring Complete Information When Using BCFSA’s Index of Clauses
BCFSA maintains an index of clauses for real estate licensees to include in a Contract of Purchase and Sale in the Real Estate Knowledge Base.
When using the clauses and considerations from the index, you should:
- Who is the developer and what is their track record?
- When is closing?
- May I assign the unit prior to closing, either with or without penalty?
- What if there are deficiencies?
- Consider the needs and situation of your client before recommending a clause;
- Ensure the clause is relevant to the specific transaction and applicable to the situation;
- Ensure the clause is consistent with the rest of the contract (i.e., there are no contradictions or overlaps with other clauses in the contract);
- Tailor the clause, if applicable, to address the unique aspects of the transaction; and
- Speak to your managing broker if you’re unsure about the language in a clause or whether it is appropriate.
Some clauses contain placeholders or require attachments to the contract, so you should ensure that all the required information is included in each clause. Read more here.
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