: BUYING and selling homes can be over- whelming stuff for con- sumers entering the market. Besides the labor required to get a home ready te sell, and the search necessary & before buying a house, there’s ; a whole lot of paperwork involved that you may find . confusing. i Here, court-sy of the Real # Estate Boarc of Greater * Vancouver, is 1 list of docn- { ments which you are Hkeiy to z sce should you be involved at either end of a real estare transaction. Working with a Real Estate Agent # Buyers and sellers will be pre- j sented with this brochure at the earliest contact with a real estate agent. Industry regula- tions have now made it mandatory for a real estate s licensce to disclose the capaci- ty in which the agent will be working with you: Le. as a ' buyer’s agent, a seller’s agent or as a dual agent, before assisting Or representing you in a real estate transaction. The agent will then ask you to sign: a statement acknowledg- ing that this disclosure of agency representation has Bs. taken place. Ue or she will then tear off and keep the ’ signed st2icment and give vou the brochure for future refer- ence. Signing the disclosure | statement in the Working with a Real Estate Agent brochure does not bind you to any ‘obligation to that real estate Selling One? Relocating? You need a realtor who will help you make the right decisions. A realtor committed to your best interests. agent. It merely confirms that yeu have discussed your agency representation oprions with the agent. Property Condition Dis laure Statemensr (PCS) Every residential Hsting placed on othe Multiple — Listing Service must be accompanied by this form which is flied out by the seller. if the signed PCDS is not submitted to the real estate board with the list- ing contract, the -listing will not be placed on the MLS. The scller indicates his or her knowledge of various aspects of the property, defects of which he is aware, and any upcoming expenses, (as in special assessments in strata- tiled properties}. The Realtor is not permir- ted to fll our the form. The Realtor will keep a copy, and may file a copy wich che MLS listing at the reai estate board. The form does not cover every aspect of the property. A buyer is still advised to consult an independent inspector if there are questions or con- cerns chat are not adequately answered. Limited Dual Agency Agreement This form is used when the agent represents both the buyer and the seller in a single transaction. 1i is used when the situation involves cither one salesperson who repre- ‘sents both the buyer and the seller, or when two salesper- sons from the same company ave involved. This agreement modifies the prior Listing Contract and esiate paper trai the Buver’s Agency Contract (or verbal buver’s agency agreement) and gives the agent the authorization to represent both parties in a limited capacity. ly authorizes the agent to maintain both parties’ confidences regarding motivation, negotiating, posi- tions and personal inforva- tion (unless either party gives the agent written permission to disclose such information). Contract of Purchase and Sale The Contract of Purchase and Sale standard form is the basic contract signed by the parties (the sellers and the buyers). It outlines every aspect of the transaction, including the price, the terms and ceadi- tions, the dates, the inclusions and exclusions, the handling of eaisting tenancies, the deposit and increase (where applicable} and other legal matters as described in the preprinted contract and added as clauses. Addendum clauses) The basic contract will be accompanied dy a special addendum form with preprinted clauses where there is either financing to be cleared irom the atle before the seller can provide clear tide, or where there is financ- ing to be put into place after the title is registered in the buyer’s name. The addenuum aiso includes clauses covering the treatment as originals of reproductions of signatures that are sent via telecommuni- catiens, issues relating to deposit wonies and accep- (with — printed REMIK crEsT.929-8000 JUST LISTED! -BLUERIDGE BARGAIN! Immaculate 2100 sq.ft. home on a 60'x121' landscaped lot. Features 3 bedrooms & 2 washrooms up plus fully finished lower level Realtors advertising in the North Shore News know their market. They've built their success on satisfying their customers - people just tike you! When you need Real Estate expertise, with another tull washroom! ONLY $328,900 2570 BENDALE BRAEMAR ESTATES! Unique home - spectacular views - high ceilings - open floor plan - expensive finishings. An elegant you can count on the realtors in the 4800sq. ft. home for the most discriminating buyer. 3999 MICHENER COURT Now availabie for $878,000! tance by the buyers regarding the size of the property. Addendum (withour printed clauses) The basic blank addendum form is used to write addition- al clauses on the contract when there is not adequate space to do so on the contract itself. When that has been done, the buyer signs this form indicating that this clause is being removed. Amendment to Contract of Purchase and Sale This form is used to remove conditions (subject: removal) when they have been satisfied, as in the situation where a buyer has so find financing by a certain date. RE/MAX ~~ Crest Realty made simp! Other documents Leases Usually leases are used more in commercial transactions than in residential ones, but vuu may be a landlord or a tenant whe prefers to use a lease for a specitied time peri- od for any number of reasons, including stability of tenure. A commercial lease is very involved and should be drawn up by a specialist in the com- mercial field and reviewed by a lawyer for each party. A resi- dential lease is less complex and normally involves little more than a standard rental agreement with an outline of the rules and regulations of the building or complex, or expectations of the owner and tenant above and bevond what the Residential Tenancy Act sets out. If vou have any doubts abour how to draw a lease or how to interpret spe- cific clauses, consult a lawyer or 4 Realtor. Mortgages Morigages come in a wide varisty of formats, depending on the lending institution. Now, many institutions use a simplified form and make re!- erence co the larger form where any deviations from clauses in their standard form may occur. The buyer should check that the document matches the commitment let- ter they have signed outlining the terms, including the inter- See Get page 72 “THE LIBRARY” Excellent pian in this spacious 2 @ bedroom with lovely, mountain views! Quiet street close to all amenities. Great building with exercise room & more. Pets allowed. Gas F/P, security system, large balcony. Terrific § value! #601-114 W. KEITH RD. $190,000 1399 OAKWOOD CRES. $279,000 3780 GRANVILLE AVE. RICHMOND $359,000 $209,000 4307-128 W 8TH 1992 Presideat jf REBGV ACCOMMODATION PLUS VIEWS! VIEWS! ¢ Across from park, 50’x140’ lot ¢ Family room plus den on rain * Upstairs: 5 bedrooms at Pender Harbour on the Sunshig ¢ Spacious house: 2100 sq.ft. : 946 CLOVERLEY STREET : North Shore News! They're working for you! Don’t miss out on this once in a lifetime opportunity. Motivated Developer. c : -si les office. TOP FLOOR SUITE On-site sales office Spacious 715 sq. ft. wih ones large bedroom north shore and enclosed solarium that could be den! : news Features insuite Jaundry, gas fireplace and is a ene only 12 years young! Call Frank today #306-1155 ROSS RD « $129,900! For more inform: