CONTRACT OF PURCHASE AND SALE
INFORMATION ABOUT THIS CONTRACT

THIS INFORMATION IS INCLUDED FOR THE ASSISTANCE OF THE PARTIES ONLY. IT DOES NOT FORM PART OF THE CONTRACT AND SHOULD NOT AFFECT THE PROPER INTERPRETATION OF ANY OF ITS TERMS.

  1. CONTRACT: This document, when signed by both parties, is a legally binding contract. READ IT CAREFULLY. The parties should ensure that everything that is agreed to is in writing.

  2. DEPOSIT(S): Section 28 of the Real Estate Services Act requires that money held by a brokerage in respect of a real estate transaction for which there is an agreement between the parties for the acquisition and disposition of the real estate be held by the brokerage as a stakeholder. The money is held for the real estate transaction and not on behalf of one of the parties. If a party does not remove a subject clause, the brokerage requires the written agreement of both parties in order to release the deposit. If both parties do not sign the agreement to release the deposit, then the parties will have to apply to court for a determination of the deposit issue.

  3. COMPLETION: (Section 4) Unless the parties are prepared to actually meet at the Land Title Office and exchange title documents for the Purchase Price, it is, in every case, advisable for the completion of the sale to take place in the following sequence:

    • (a) The Buyer pays the Purchase Price or down payment in trust to the Buyer's Lawyer or Notary (who should advise the Buyer of the exact amount required) several days before the Completion Date and the Buyer signs the documents.
    • (b) The Buyer's Lawyer or Notary prepares the documents and forwards them for signature to the Seller's Lawyer or Notary who returns the documents to the Buyer's Lawyer or Notary.
    • (c) The Buyer's Lawyer or Notary then attands to the deposit of the signed title documents (and any mortgages) in the appropriate Land Title Office.
    • (d) The Buyer's Lawyer or Notary releases the sale proceeds of the Buyer's Lawyer's or Notary's office.

    Since the Seller is entitled to the Seller's proceeds on the Completion Date, and since the sequence described above takes a day or more, it is strongly recommended that the Buyer deposits the money and the signed documents AT LEAST TWO DAYS before the Completion Date, or at the request of the Conveyancer, and that the Seller delivers the signed transfer documents no later than the morning of the day before the Completion Date.

    While it is possible to have a Saturday Completion Date using the Land Title Office's Electronic Filing System, parties are strongly encouraged NOT to schedule a Saturday Completion Date as it will restrict their access to fewer lawyers or notaries who operate on Saturdays; lenders will generally not fund new mortgages on Saturdays; lenders with existing mortgages may not accept payouts on Saturdays; and other offices necessary as part of the closing process may not be open.

  4. POSSESSION: (Section 5) the Buyer should make arrangements through the REALTOR® for obtaining possession. The Seller will not generally let the Buyer move in before the Seller has actually received the sale proceeds. Where residential tenants are involved, Buyers and Sellers should consult the Residential Tenancy Act.

  5. TITLE: (Section 9) It is up to the Buyer to satisfy the Buyer on matters of zoning or building or use restrictions, toxic or environmental hazards, encroachments on or by the Property and any encumbrances which are staying on title before becoming legally bound. It is up to the Seller to specify in the Contract if there are any encumbrances, other than those listed in Section 9, which are staying on title before becoming legally bound. If you as the Buyer are taking out a mortgage, make sure that title, zoning and building restrictions are all acceptable to your mortgage company. In certain circumstances, the mortgage company could refuse to advance funds. If you as the seller are allowing the Buyer to assume your mortgage, you may still be responsible for payment of the mortgage, unless arrangements are made with your mortgage company.

  6. CUSTOMARY COSTS: (Section 15) In particular circumstances there may be additional costs, but the following costs are applicable in most circumstances:

    Costs to be Borne by the Seller

    Lawyer or Notary Fees and Expenses:
    - attending to execution documents.
    Costs of clearing title, including:- investigating title,
    - discharge fees charged by
    encumbrance holders,
    - prepayment penalties.
    Real Estate Commission (plus GST).
    Goods and Services Tax (if applicable).

    Costs to be Borne by the Buyer

    Lawyer or Notary Fees and Expenses:
    - searching title,
    - drafting documents.
    Land Title Registration fees.
    Survey Certificate (if required).
    Costs of Mortgage, including:
    - mortgage company's Lawyer/Notary.

    - appraisal (if applicable)
    - Land Title Registration fees.
    Fire Insurance Premium.
    Sales Tax (if applicable).
    Property Transfer Tax.
    Goods and Services Tax (if applicable).

    In addition to the above costs there maybe financial adjustments between the Seller and the Buyer pursuant to Section 6 and additional taxes payable by one or more of the parties in respect of the Property or the transaction contemplated hereby (eg. empty home tax and speculation tax).

  7. CLOSING MATTERS: The closing documents referred to in Sections 11, 11A and 11B of this Contract will, in most cases, (e prepared (y the Buyer’s Lawyer or Notary and provided to the Seller’s Lawyer or Notary for review and approval) Once settled, the lawyers/notaries will arrange for execution (y the parties and delivery on or prior to the Completion Date) The matters addressed in the closing documents referred to in Sections 11A and 11B will assist the lawyers/notaries as they finalize and attend to various closing matters arising in connection with the purchase and sale contemplated by this Contract.

  8. RISK: (Section 16) The Buyer should arrange for insurance to be effective as of 12:01 am the Completion Date.

  9. FORM OF CONTRACT: This Contract of Purchase and Sale is designed primarily for the purchase and sale of freehold residences. If your transaction involves: a house or other building under construction, a lease, a business, an assignment, other special circumstances (including the acquisition of land situated on a First Nations reserve)

    Additional provisions, not contained in this form, may be needed, and professional advice should be obtained. A Property Disclosure Statement completed by the Seller may be available.

  10. REALTOR® Code, Article 11: A REALTOR® shall not buy or sell, or attempt to buy or sell an interest in property either directly or indirectly for himself or herself, any member of his or her Immediate Family, or any entity in which the REALTOR® has a financial interest, without making the REALTOR®'s position known to the buyer or seller in writing. Section 5-9 of the Rules: If a licensee acquires, directly or indirectly, or disposes of real estate, or if the licensee assists an associate in acquiring, directly or indirectly, or disposing of real estate, the licensee must make a disclosure in writing to the opposite party before entering into any agreement for the acquisition or disposition of the real estate.

  11. RESIDENCY: When completing their residency and citizenship status, the Buyer and the Seller should confirm their residency and citizenship status and the tax implications thereof with their Lawyer/Accountant.

  12. AGENCY DISCLOSURE: (Section 21) all REALTOR®(s) with whom the Seller or the Buyer has an agency relationship should be listed. If additional space is required, list the additional REALTOR®(s) on an addendum to the Contract of Purchase and Sale.

BC2075 REV. SEPT 2020
COPYRIGHT - BC REAL ESTATE ASSOCIATION AND CANADIAN BAR ASSOCIATION (BC BRANCH)
© 2020, British Columbia Real Estate Association ("BCREA"). All rights reserved. This form was devoped by BCREA for the use and reproduction by BC REALTORS® and other parties authorized in writing by BCREA. Any other use or reproduction is prohibited except with prior written concent of BCREA. This form is not to be altered when printing or reproducing the standard pre-set portion. BCREA bears no liability for your use of this form.
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CONTRACT OF PURCHASE AND SALE
BROKERAGE:
Date:
ADDRESS:
PC:
PHONE:
PREPARED BY:
MLS® NO:
SELLER:
SELLER:
ADDRESS:
PC:
PHONE:
BUYER:
BUYER:
ADDRESS:
PC:
PHONE:
OCCUPATION:
PROPERTY:

The Buyer agrees to purchase the Property from the Seller on the following terms and subject to the following conditions:

BC2075 REV. SEPT 2020
COPYRIGHT - BC REAL ESTATE ASSOCIATION AND CANADIAN BAR ASSOCIATION (BC BRANCH)
© 2020, British Columbia Real Estate Association ("BCREA"). All rights reserved. This form was devoped by BCREA for the use and reproduction by BC REALTORS® and other parties authorized in writing by BCREA. Any other use or reproduction is prohibited except with prior written concent of BCREA. This form is not to be altered when printing or reproducing the standard pre-set portion. BCREA bears no liability for your use of this form.
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3. TERMS AND CONDITIONS: The purchase and sale of the Property includes the following terms and is subject to the following conditions:

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1. Subject to a new first mortgage being made available to the buyer on or before 11:59 p.m. [ ], in the amount of [ ] at an interest rate not to exceed [ ] % per annum calculated semi - semi-annually, not in advance with a [ ] year amortization period, [ ] year term and repayable in blended payments of approximately [ ] per month including principal and interest plus 1/12 of annual taxes, if required by the mortgage. This condition is for the sole benefit of the buyer.

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2. Subject to the buyer, on or before 11:59 p.m. [ ], at the buyer’s expense, obtaining and approving an inspection report against any defects whose cumulative cost of repair exceeds [ ] and which reasonably may adversely affect the property’s use or value. The seller will allow access to the property for this purpose on reasonable notice. This condition is for the sole benefit of the buyer.

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3. Subject to the buyer, on or before 11:59 p.m. [ ], approving the Property Disclosure Statement dated [ ], with respect to the information that reasonably may adversely affect the use or value of the property. If approved, such statement will be incorporated into and will form part of this contract. This condition is for the sole benefit of the buyer.

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4. Subject to the buyer, on or before 11:59 p.m. [ ], receiving a current property title search including a copy of easements, covenants, building schemes, land use contracts and right of ways, if they exist, from the seller, at the seller’s cost. The buyer must peruse and be satisfied with its contents and is advised to receive an independent legal advice regarding the nature and effects of the charges if they exist. This condition is for the sole benefit of the buyer.

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5. Subject to the buyer obtaining approval for fire/property insurance, satisfactory to the buyer by 11:59 p.m. [ ]. This condition is for the sole benefit of the buyer.

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6. Subject to the buyer receiving from the seller, at seller’s cost and being satisfied with the contents of the building permit and occupancy permit to determine if the relevant provisions for the HOMEOWNER PROTECTION ACT are met [only if building permit was issued after July 1,1999] on or before 11:59 p.m.[].

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7. Seller confirms that the subject property does not contain any UNDERGROUND STORAGE TANK [“UGST”]. If UGST is not in use it is required by the Environmental Management Act, for seller to remove UGST together with all contaminants. If it is determined that an UGST exists on this property, then the seller, at the seller’s cost will have the UGST removed and will provide a no UGST Certificate, 5-days before the completion date to the buyer, confirming that the UGST together with all the contaminants have been removed. The Certificate must be from the appropriate authority and/or municipality stating that the work is completed as per requirements of the Environmental Act. Furthermore, the contractor removing the UGST must be insured and bonded.

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8. The buyers are satisfied with all of the measurements as viewed, and furthermore acknowledges that as advertised, all sizes and ages are approximate only. The buyer is not relying upon the listing information provided by the representative, without independently verifying the provided listing information, before removing subjects.

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9. The buyer is aware that the property may contain unauthorized accommodation and has been informed of the consequences of such ownership and potential loss of income, should be rental be discontinued. Seller warrants and confirms that the property has never been used for the purpose of growth or manufacture of any illegal substance or activity. This warranty shall survive and continue on after the completion of this contract. Seller authorizes buyer brokerage to install “sold” signs on the property only after the sale has been informed to the public and/or published on MLS sales report. The buyer has been provided with time and has been afforded the opportunity to obtain an independent legal advice regarding the content of this contract. The buyer confirms that the buyer will be fully satisfied with the independent legal advice before the buyer removes all subjects.

Each condition, if so indicated is for the sole benefit of the party indicated. Unless each condition is waived or declared fulfilled by written notice given by the benefiting party to the other party on or before the date specified for each condition, this Contract will be terminated thereupon and the Deposit returnable in accordance with the Real Estate Services Act.

BC2075 REV. SEPT 2020
COPYRIGHT - BC REAL ESTATE ASSOCIATION AND CANADIAN BAR ASSOCIATION (BC BRANCH)
© 2020, British Columbia Real Estate Association ("BCREA"). All rights reserved. This form was devoped by BCREA for the use and reproduction by BC REALTORS® and other parties authorized in writing by BCREA. Any other use or reproduction is prohibited except with prior written concent of BCREA. This form is not to be altered when printing or reproducing the standard pre-set portion. BCREA bears no liability for your use of this form.
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3. TERMS AND CONDITIONS: The purchase and sale of the Property includes the following terms and is subject to the following conditions:

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10. Seller warrants that on possession.
[A] All garbage from the property will have been removed.
[B] All the appliances will be in working condition.
[C] A full set of house keys and 2 garage door remote control units are delivered to the buyer; and,
[D] The premises will be delivered to the buyer, cleaned and vacant at 1:00 p.m. on possession date.

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11. As good faith, seller agrees to a hold back of $500.00 as “TRUST MONEY” to be held in buyer’s lawyer/notary’s trust account. This money is to be released in writing, by the buyer to the seller 24 hours after possession only after the buyer confirms that the buyer is satisfied that the seller has done what the seller had agreed to do on possession date, thus releasing the seller’s obligation to the above warranty. If the seller has not done what the seller had agreed to do on possession date, the buyer in writing should immediately provide to the buyer’s lawyer/notary, buyer’s agent and the seller’s agent requesting that the seller remedy the unsatisfied deficiencies.

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12. The seller warrants that [ ], unit # [ ] is on month-to-month tenancy. The monthly rent including not including utilities is [ ], payable on the [ ] of the month. A security deposit of [ ] was taken on [ ], and the last rental increase was on [ ].

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13. The seller warrants that [ ], unit # [ ] is on month-to-month tenancy. The monthly rent including not including utilities is [ ], payable on the [ ] of the month. A security deposit of [ ] was taken on [ ].

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14. Seller will provide the buyer a copy of the tenancy agreement 5 days before the buyer’s subject removal date. If tenant remains after the completion date, then the damage and security deposit including the accrued interest will be credited to the buyer on statement of adjustment. The buyer will then be responsible for refunding the security and damage deposit, excluding the cost of damages but including accrued interest to the tenant when the tenancy ends. The seller will give legal notice to the tenant to vacate the premises, but only if the seller receives the appropriate written request from the buyer to give such notice in accordance with the requirements of section 49 of the Residential Tenancy Act.

Each condition, if so indicated is for the sole benefit of the party indicated. Unless each condition is waived or declared fulfilled by written notice given by the benefiting party to the other party on or before the date specified for each condition, this Contract will be terminated thereupon and the Deposit returnable in accordance with the Real Estate Services Act.

BC2075 REV. SEPT 2020
COPYRIGHT - BC REAL ESTATE ASSOCIATION AND CANADIAN BAR ASSOCIATION (BC BRANCH)
© 2020, British Columbia Real Estate Association ("BCREA"). All rights reserved. This form was devoped by BCREA for the use and reproduction by BC REALTORS® and other parties authorized in writing by BCREA. Any other use or reproduction is prohibited except with prior written concent of BCREA. This form is not to be altered when printing or reproducing the standard pre-set portion. BCREA bears no liability for your use of this form.
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3. TERMS AND CONDITIONS: The purchase and sale of the Property includes the following terms and is subject to the following conditions:

Each condition, if so indicated is for the sole benefit of the party indicated. Unless each condition is waived or declared fulfilled by written notice given by the benefiting party to the other party on or before the date specified for each condition, this Contract will be terminated thereupon and the Deposit returnable in accordance with the Real Estate Services Act.

BC2075 REV. SEPT 2020
COPYRIGHT - BC REAL ESTATE ASSOCIATION AND CANADIAN BAR ASSOCIATION (BC BRANCH)
© 2020, British Columbia Real Estate Association ("BCREA"). All rights reserved. This form was devoped by BCREA for the use and reproduction by BC REALTORS® and other parties authorized in writing by BCREA. Any other use or reproduction is prohibited except with prior written concent of BCREA. This form is not to be altered when printing or reproducing the standard pre-set portion. BCREA bears no liability for your use of this form.
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(Completion Date) at the appropriate Land Title Office.

(Possession Date) OR, subject to the following existing tenancies, if any:

6. ADJUSTMENTS: The Buyer will assume and pay all taxes, rates, local improvement assessments, fuel utilities and other charges from, and including, the date set for

(Adjustment Date).

7. INCLUDED ITEMS: The Purchase Price includes any buildings, improvements, fixture, appurtenances and attachments thereto, and all blinds, awnings, screen doors and windows, curtain rods, tracks and valances, fixed mirrors, fixed carpeting, electric, plumbing, heating and air conditioning fixtures and all appurtenances and attachments thereto as viewed by the Buyer at the date of inspection, INCLUDING:

9. TITLE: Free and clear of all encumbrances except subsisting conditions, provisos, restrictions exceptions and reservations, including royalties, contained in the original grant or contained in any other grant or disposition from the Crown, registered or pending restrictive covenants and rights-of-way in favour of utilities and public authorities, existing tenancies set out in Section 5, if any, and except as otherwise set out herein.

10. TENDER: Tender or payment of monies by the Buyer to the Seller will be by certified cheque, bank draft, wire transfer, cash or Lawyer's/Notary's or real estate brokerage's trust cheque.

11. DOCUMENTS: All documents required to give effect to this Contract will be delivered in registrable form where necessary and will be lodged for registration in the appropriate Land Title Office by 4 pm on the Completion Date.

11A. SELLER'S PARTICULARS AND RESIDENCY: The Seller shall deliver to the Buyer on or before the Completion Date a statutory declaration of the Seller containing: (1) particulars regarding the Seller that are required to be included in the Buyer's Property Transfer Tax Return to be filed in connection with the completion of the transaction contemplated by this Contract (and the Seller hereby consents to the Buyer inserting such particulars on such return); and (2) if the Seller is not a non¬resident of Canada as described in the non-residency provisions of the Income Tax Act, confirmation that the Seller is not then, and on the Completion Date will not be, a non-resident of Canada. If on the Completion Date the Seller is a non-resident of Canada as described in the residency provisions of the Income Tax Act, the Buyer shall be entitled to hold back from the Purchase Price the amount provided for under section 116 of the Income Tax Act.

BC2075 REV. SEPT 2020
COPYRIGHT - BC REAL ESTATE ASSOCIATION AND CANADIAN BAR ASSOCIATION (BC BRANCH)
© 2020, British Columbia Real Estate Association ("BCREA"). All rights reserved. This form was devoped by BCREA for the use and reproduction by BC REALTORS® and other parties authorized in writing by BCREA. Any other use or reproduction is prohibited except with prior written concent of BCREA. This form is not to be altered when printing or reproducing the standard pre-set portion. BCREA bears no liability for your use of this form.
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11B. GST CERTIFICATE: If the transaction contemplated by this Contract is exempt from the payment of Goods and Services Tax ("GST"), the Seller shall execute and deliver to the Buyer on or before the Completion Date, an appropriate GST exemption certificate to relieve the parties of their obligations to pay, collect and remit GST in respect of the transaction. If the transaction contemplated by this Contract is not exempt from the payment of GST, the Seller and the Buyer shall execute and deliver to the other party on or before the Completion Date an appropriate GST certificate in respect of the transaction.

12. TIME: Time will be of the essence hereof, and unless the balance of the cash payment is paid and such formal agreements to pay the balance as may be necessary is entered into on or before the Completion Date, the Seller may, at the Seller's option, terminate this Contract, and, in such event, the amount paid by the Buyer will be non-refundable and absolutely forfeited to the Seller, subject to the provisions of Section 28 of the Real Estate Services Act, on account of damages, without prejudice to the Seller's other remedies.

13. BUYER FINANCING: If the Buyer is relying upon a new mortgage to finance the Purchase Price, the Buyer, while still required to pay the Purchase Price on the Completion Date, may wait to pay the Purchase Price to the Seller until after the transfer and new mortgage documents have been lodged for registration in the appropriate Land Title Office, but only if, before such lodging, the Buyer has: (a) made available for tender to the Seller that portion of the Purchase Price not secured by the new mortgage, and (b) fulfilled all the new mortgagee's conditions for funding except lodging the mortgage for registration, and (c) made available to the Seller, a Lawyer's or Notary's undertaking to pay the Purchase Price upon the lodging of the transfer and new mortgage documents and the advance by the mortgagee of the mortgage proceeds pursuant to the Canadian Bar Association (BC Branch) (Real Property Section) standard undertakings (the "CBA Standard Undertakings").

14. CLEARING TITLE: If the Seller has existing financial charges to be cleared from title, the Seller, while still required to clear such charges, may wait to pay and discharge existing financial charges until immediately after receipt of the Purchase Price, but in this event, the Seller agrees that payment of the Purchase Price shall be made by the Buyer's Lawyer or Notary to the Seller's Lawyer or Notary, on the CBA Standard Undertakings to pay out and discharge the financial charges, and remit the balance, if any, to the Seller.

15. COSTS: The Buyer will bear all costs of the conveyance and, if applicable, any costs related to arranging a mortgage and the Seller will bear all costs of clearing title.

16. RISK: All buildings on the Property and all other items included in the purchase and sale will be, and remain, at the risk of the Seller until 12:01 am on the Completion Date. After that time, the Property and all included items will be at the risk of the Buyer.

17. PLURAL: In this Contract, any reference to a party includes that party's heirs, executors, administrators, successors and assigns; singular includes plural and masculine includes feminine.

18. REPRESENTATIONS AND WARRANTIES: There are no representations, warranties, guarantees, promises or agreements other than those set out in this Contract and the representations contained in the Property Disclosure Statement if incorporated into and forming part of this Contract, all of which will survive the completion of the sale.

19. PERSONAL INFORMATION: The Buyer and the Seller hereby consent to the collection, use and disclosure by the Brokerages and by the managing broker(s), associate broker(s) and representative(s) of those Brokerages (collectively the "Licensee(s)") described in Section 21, the real estate boards of which those Brokerages and Licensees are members and, if the Property is listed on a Multiple Listing Service®, the real estate board that operates the Multiple Listing Service®, of personal information about the Buyer and the Seller:

  1. for all purposes consistent with the transaction contemplated herein:
  2. if the Property is listed on a Multiple Listing Service®, for the purpose of the compilation, retention and publication by the real estate board that operates the Multiple Listing Service® and other real estate boards of any statistics including historical Multiple Listing Service® data for use by persons authorized to use the Multiple Listing Service® of that real estate board and other real estate boards;
BC2075 REV. SEPT 2020
COPYRIGHT - BC REAL ESTATE ASSOCIATION AND CANADIAN BAR ASSOCIATION (BC BRANCH)
© 2020, British Columbia Real Estate Association ("BCREA"). All rights reserved. This form was devoped by BCREA for the use and reproduction by BC REALTORS® and other parties authorized in writing by BCREA. Any other use or reproduction is prohibited except with prior written concent of BCREA. This form is not to be altered when printing or reproducing the standard pre-set portion. BCREA bears no liability for your use of this form.
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  • C. for enforcing codes of professional conduct and ethics for members of real estate boards; and
  • D. for the purposes (and to the recipients) described in the brochure published by the British Columbia Real Estate Association entitled Privacy Notice and Consent.

The personal information provided by the Buyer and Seller may be stored on databases outside Canada, in which case it would be subject to the laws of the jurisdiction in which it is located.

20. ASSIGNMENT OF REMUNERATION: The Buyer and the Seller agree that the Seller's authorization and instruction set out in section 25(c) below is a confirmation of the equitable assignment by the Seller in the Listing Contract and is notice of the equitable assignment to anyone acting on behalf of the Buyer or Seller.

20A. RESTRICTION ON ASSIGNMENT OF CONTRACT: The Buyer and the Seller agree that this Contract: (a) must not be assigned without the written consent of the Seller; and (b) the Seller is entitled to any profit resulting from an assignment of the Contract by the Buyer or any subsequent assignee.

21. AGENCY DISCLOSURE: The Seller and the Buyer acknowledge and confirm as follows (initial appropriate box(es) and complete details as applicable):

A. The Seller acknowledges having received, read and understood Real Estate Council of British Columbia (RECBC) form entitled "Disclosure of Representation in Trading Services" and hereby confirms that the Seller has an agency relationship with

B. The Buyer acknowledges having received, read and understood RECBC form entitled "Disclosure of Representation in Trading Services" and hereby confirms that the Buyer has an agency relationship with

C. The Seller and the Buyer each acknowledge having received, read and understood RECBC form entitled "Disclosure of Risks Associated with Dual Agency"and hereby confirm that they each consent to a dual agency relationship with

D. If only (A) has been completed, the Buyer acknowledges having received, read and understood RECBC form "Disclosure of Risks to Unrepresented Parties" from the Seller's agent listed in (A) and hereby confirms that the Buyer has no agency relationship.

E. If only (B) has been completed, the Seller acknowledges having received, read and understood RECBC form "Disclosure of Risks to Unrepresented Parties" from the Buyer's agent listed in (B) and hereby confirms that the Seller has no agency relationship.

BC2075 REV. SEPT 2020
COPYRIGHT - BC REAL ESTATE ASSOCIATION AND CANADIAN BAR ASSOCIATION (BC BRANCH)
© 2020, British Columbia Real Estate Association ("BCREA"). All rights reserved. This form was devoped by BCREA for the use and reproduction by BC REALTORS® and other parties authorized in writing by BCREA. Any other use or reproduction is prohibited except with prior written concent of BCREA. This form is not to be altered when printing or reproducing the standard pre-set portion. BCREA bears no liability for your use of this form.
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22. ACCEPTANCE IRREVOCABLE (Buyer and Seller): The Seller and the Buyer specifically confirm that this Contract of Purchase and Sale is executed under seal. It is agreed and understood that the Seller's acceptance is irrevocable, including without limitation, during the period prior to the date specified for the Buyer to either:

  1. fulfill or waive the terms and conditions herein contained; and/or
  2. exercise any option(s) herein contained.

23. THIS IS A LEGAL DOCUMENT. READ THIS ENTIRE DOCUMENT AND INFORMATION PAGE BEFORE YOU SIGN.

(unless withdrawn in writing with notification to the other party of such revocation prior to notification of

its acceptance), and upon acceptance of the offer, or counter-offer, by accepting in writing and notifying the other party of such acceptance, there will be a binding Contract of Purchase and Sale on the terms and conditions set forth.

x WITNESS
BUYER
seal PRINT NAME
x WITNESS
BUYER
seal PRINT NAME

If the Buyer is an individual, the Buyer declares that they are a Canadian citizen or a permanent resident as defined in the Immigration and Refugee Protection Act:

Yes

No

25. ACCEPTANCE: The Seller (a) hereby accepts the above offer and agrees to complete the sale upon the terms and conditions set out above, (b) agrees to pay a commission as per the Listing Contract, and (c) authorizes and instructs the Buyer and anyone acting on behalf of the Buyer or Seller to pay the commission out of the proceeds of sale and forward copies of the Seller's Statement of Adjustments to the Cooperating/Listing Brokerage, as requested forthwith after completion.

The Seller declares their residency:

RESIDENT OF CANADA

NON-RESIDENT OF CANADA

as defined under the Income Tax Act.

x WITNESS
SELLER
seal PRINT NAME
x WITNESS
SELLER
seal PRINT NAME

*PREC represents Personal Real Estate Corporation

Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).

BC2075 REV. SEPT 2020
COPYRIGHT - BC REAL ESTATE ASSOCIATION AND CANADIAN BAR ASSOCIATION (BC BRANCH)
© 2020, British Columbia Real Estate Association ("BCREA"). All rights reserved. This form was devoped by BCREA for the use and reproduction by BC REALTORS® and other parties authorized in writing by BCREA. Any other use or reproduction is prohibited except with prior written concent of BCREA. This form is not to be altered when printing or reproducing the standard pre-set portion. BCREA bears no liability for your use of this form.