National

New process for multiple offers on a home

Darpan News Desk The Canadian Press, 06 Jul, 2023 12:13 PM

Real estate boards in Greater Vancouver, the Fraser Valley and Chilliwack are launching a new process to give buyers and sellers more information when multiple offers are made on the same property.

Each of the competing offers, plus the real estate firm that submitted the offer, will be listed on a new form that the home seller and their Realtor must sign and give to all involved no later than one day after the seller has made a decision.

In a market that has been characterized by limited properties for sale and multiple bids for those listings, realtors say the new form will "bring comfort" to prospective buyers that their offer was fairly presented.

The real estate boards says the new disclosure form aims to balance buyers' rights around transparency and disclosure with the sellers' right to privacy during the sale of their home.

Prev Next

MORE National ARTICLES

Rare May heat wave brings worries for further floods and fires: emergency minister

Ma says the unusual heat also elevates the risks of wildfires burning in B.C. There are more than 50 fires burning in B.C., most of them in the north and central part of the province, and three wildfires have prompted evacuation orders or alerts for nearby residents.

Rare May heat wave brings worries for further floods and fires: emergency minister

High temperatures in B.C. pose 'threat of new wildfires,' wildfire service warns

Evacuation orders or alerts remain in place for much of the areas surrounding the Red Creek and Boundary Lake fires, about 1,300 kilometres northeast of Vancouver. In its latest update, the B.C. Wildfire Service reported the Boundary Lake fire was an estimated 5,900 hectares. The fire at Red Creek sits at 2,800 hectares.

High temperatures in B.C. pose 'threat of new wildfires,' wildfire service warns

Victoria police arrest man for multiple break & enters

Police say they received a call on Monday morning about a break-and-enter at a residential development, and arrested the male suspect after a brief search of the building. Police say the suspect is a newcomer to Victoria and had 44 prior contacts with police this year, in addition to having been arrested a dozen times.

Victoria police arrest man for multiple break & enters

Surrey's Cloverdale Agriplex getting a $1M upgrade

A one-million dollar upgrade is being supplied through the Destination Development Fund, which will go toward making the site of the Cloverdale Rodeo more accessible and versatile.

Surrey's Cloverdale Agriplex getting a $1M upgrade

Funding investment for air quality improvement in BC schools

A joint investment of 3.2-million-dollars will go toward improving the ventilation systems at five elementary and secondary schools in the province. Two of the schools in Abbotsford will receive funding to replace heat pumps, a chiller and a direct digital controls upgrade.

Funding investment for air quality improvement in BC schools

Possibility of foreign interference in B-C's elections

Eby's comments today around the same time the federal government announced it was expelling Chinese diplomat Zhao Wei, whom C-SIS says was involved in a plot to intimidate Conservative M-P Michael Chong and his relatives in Hong Kong.