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Multiple Offers

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Disclosure of Multiple Offers

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 Real Estate Board of Greater Vancouver (REBGV). 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 agents who participated in a multiple offer situation.

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Benchlands Area

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Where are the Benchlands?

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.

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Completion Date

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The Completion Date Consequences

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.

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Statement of Adjustments

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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.

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Nightly Rental License

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Business License Required for Renting Nightly

In Whistler, you are required to have a business license to rent out your property for nightly rentals. The following is from the Resort Municipality of Whistler (RMOW) site:

“In Whistler, a business license is required for property owners to market, manage and provide paid accommodation to tourists. This applies to all vacation rentals, including self-managed tourist accommodation properties with Phase 1 covenants or without covenants. Any property that is being marketed as tourist accommodation without a business license is considered an illegal nightly rental, and fines are applicable.” 

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