New Purchase and Sale Form
Ben Schmidt of www.benschmidt.tv a Fredericton NB and Oromocto NB Real Estate Agent video blogs about the new purchase and sale agreement just released.
So the NBREA, the New Brunswick Real Estate Association, has just released the new Purchase and Sale Agreement (the form you fill out when, offering on a home). What's exciting about this, is that this one form will be used throughout New Brunswick. As of right now Moncton, Fredericton, Saint John, we use different purchase and sale forms, even though a Realtor from Fredericton, can still buy/sell with clients throughout New Brunswick. So all Realtors in New Brunswick will be using the same for, which is great!
A couple things to note. First and foremost, we have MORE paperwork. This new P&S form is 6 pages, when the one we are currently using is 3. Also, they've added a clause for insurance approval, which is great. Also, they've added a part for HST and if it's part of the sale which is also great.
This form is in practice now. You can use this form when offering on a home, but it is not mandatory now. It will become mandatory in one year, but for this year, they'll be testing it, to see if they need to make any tweaks.
If you have any questions about the new purchase and sale agreement, or any questions for a Realtor, give me an email at ben.schmidt@me.com