Marion Anderson

How do I know there were MULTIPLE OFFERS?

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With limited supply and increasing house prices, multiple offer situations are becoming more prevalent, and buyers are getting frustrated with the home-buying and selling process.

The following information was provided by the board of the Greater Vancouver Realtors (GVR). It explains why seller’s agents are required to complete the new Disclosure of Multiple Offers Presented (DMOP) form and communicate to each buyer’s agent who participated in a multiple offer situation.

Where are the BENCHLANDS in Whistler?

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The Benchlands is an area in Whistler, that was developed in the eighties. The area was designated as prime real estate as it was within walking distance of Whistler Village. In addition, the Benchlands had developments slopeside on Blackcomb Mountain, and developments linked by a network of paths to allow easier access to the slopes. It was deemed by the council of the day, that this prime location would be where the tourists would want to rent, so it was all zoned for nightly rental. The council was right.

Why is the COMPLETION DATE so important?

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It is vital that the completion date on the Contract of Purchase and Sale is adhered to, at all costs by the Buyer. Should the Buyer be at fault and the transaction does not complete as scheduled, the Seller has the option of voiding the contract. In addition, the Seller is legally allowed to keep the full amount of the deposit. There have been several attempts to have the Buyer’s deposit returned to the Buyer. Read the Deposits are Serious blog post for a full understanding.

Why is the STATEMENT of ADJUSTMENTS important?

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The Statement of Adjustments on a real estate transaction is a financial statement showing various debits and credits for both the Buyer and the Seller. Basically, it shows the final calculation of the monies the Buyer owes to the Seller in order to complete the sale.

In British Columbia, the Statement of Adjustments is prepared by the Buyer’s lawyer. There is one statement prepared for the Buyer called the Buyer Statement of Adjustments. In addition, the Buyer’s lawyer prepares a separate statement for the Seller called the Seller Statement of Adjustments.

What is the Home Buyer Rescission Period (HBRP)?

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Consider the Home Buyer Rescission Period to be a period for cooling off. This was implemented in response to the multiple offer situations during the COVID frenzy. At that time, buyers were writing overpriced offers with no subject conditions, and then, upon acceptance of their offer, regret set in as there was no easy way out of the transaction.

Now, the buyer, with regret, has 3 business days after a subject-free offer is accepted to decide whether to rescind or not. Should the buyer rescind their offer, there’s a financial penalty due to the seller of 0.25% of the accepted price.