BCFSA Compliance Setup Guide

This is the main record of your real estate deal. It lists everyone involved — the buyer, the seller, the agents, the price, the dates, and the deposit amount.

The government (BCFSA) requires your agent to keep a record of every deal. This protects you so there is proof of what was agreed.

This is the main contract — the written agreement between the buyer and seller (or landlord and tenant). It says what is being bought or rented, the price or rent, conditions (like inspections), and the important dates.

Without a written contract, there is no legal deal. This paper protects both sides.

This form tells you how your personal information (name, address, ID) will be used, stored, and shared during the real estate transaction.

Canadian law (PIPEDA) says your agent must tell you what they do with your personal information and get your permission first.

This form explains who your agent works for — are they working for you, for the other side, or for both? It tells you your rights.

So you understand clearly whether the agent is on YOUR side. If they work for the other side too, there are risks you should know about.

This form shows you exactly how much money your agent and their brokerage will be paid for this deal, and who is paying it.

So there are no surprises about fees. You deserve to know what commissions are being charged.

If you do NOT have your own agent, this form warns you about the risks. The other side's agent cannot give you advice or protect your interests.

So you understand you should get your own agent or lawyer. Without one, nobody is looking out for you in this deal.

If one agent (or one brokerage) is representing BOTH the buyer AND the seller in the same deal, this form warns both parties about the risks. The agent cannot fully advocate for either side.

Dual agency can create conflicts. You need to agree to it knowingly, or you can refuse it and get your own agent.

If a brokerage has two different agents — one for the buyer and one for the seller — in the same deal, both clients must agree to this situation.

Even though you have your own agent, there is a risk that information could be shared inside the brokerage. This agreement sets the rules.

If your agent (or someone connected to them) is personally buying or selling the property, this form tells you about that connection.

Your agent must be honest if they have a personal financial interest in the deal. This protects you from hidden conflicts.

This form tells the seller upfront how much the listing agent's brokerage expects to be paid and what portion may be shared with a buyer's agent.

So sellers know the cost of selling before they sign the listing agreement.

This form tells the seller whether the buyer is allowed to "assign" (transfer) the purchase contract to someone else before closing.

So the seller understands if the buyer might sell the contract to another person. Assignment can affect the seller's interests and tax obligations.

In BC, buyers of residential property have a right to cancel the deal within 3 business days, but they must pay a penalty (0.25% of the purchase price). This form explains that right.

So the buyer knows they can back out (but it will cost money), and the seller knows the deal is not final for 3 business days.

If an agent owns a unit in a strata building AND manages the strata corporation, they must disclose that.

This is a conflict of interest — the agent profits from managing the building and may not be objective.

The Canadian government requires your agent to verify your identity to prevent money laundering and terrorist financing. The agent records your name, date of birth, address, occupation, and copies your photo ID (like a driver's licence or passport).

It is the law. Everyone involved in a real estate deal must have their identity verified.

If the buyer or seller is a company (corporation, partnership, or trust), the agent must verify the company's legal existence and record its details (incorporation number, directors, etc.).

To make sure the company is real and legitimate, and to prevent anonymous property ownership used for money laundering.

This form records who truly owns or controls a company that is buying or selling property. Even if a company is named on the contract, the government wants to know which real people own 25% or more.

To stop criminals from hiding behind shell companies.

The agent must ask whether you (or your family members) hold or have held important political positions (like a government minister, judge, mayor, or head of an international organization).

People in powerful political positions face higher scrutiny because of corruption risks. This is a worldwide requirement.

If your agent cannot verify your identity in person, they can appoint someone else (a "mandatary" or authorized agent) to check your ID on their behalf. This form records that arrangement.

It allows remote identity verification while keeping a paper trail.

Every time money is received in a real estate deal (deposits, payments), the agent must record where the money came from, the amount, and how it was paid (cheque, wire, cash, etc.).

To track the source of funds and prevent money laundering. If you pay $10,000 or more in cash, a special report is also filed with the government.

This form confirms that the buyer has removed their conditions (subjects) and the deal is now firm. It also names the buyer's lawyer or notary who will handle the legal transfer.

It makes the deal final and tells everyone which lawyer or notary will complete the paperwork.

A formal written notice that a specific condition (like financing or inspection) has been met or the buyer is waiving it.

Conditions must be formally removed in writing. Verbal agreements are not enough.

If the buyer and seller want to change something in the original contract after it has been signed (like extending a date, changing the price, or adding a term), they use an addendum or amendment.

Changes to a contract must be in writing and signed by both parties to be legal.

A marketing document that describes the property — its size, features, number of bedrooms/bathrooms, lot size, and other highlights.

To market the property to potential buyers. It is also kept in the transaction file as a record of how the property was described.

A government document that proves a company legally exists. It includes the company's name, registration number, and date of incorporation.

If a company is buying or selling, the agent must confirm it is a real, legally registered entity.

A legal document that allows one person to sign documents and make decisions on behalf of another person.

If the buyer or seller cannot be present to sign, they can authorize someone else. Extra caution is required — the agent must verify the Power of Attorney is valid and current.

A written notice informing the seller that the buyer intends to assign the contract to another person.

The seller must be told and must consent (if required by the contract) before the buyer can transfer the deal to someone else.

Some contracts have longer timelines. This is a tracking item to ensure the subject removal deadline is not missed.

Missing a deadline can kill the deal.

A new BCFSA form that must be attached to the front of every developer disclosure statement filed after April 1, 2025. Buyers must initial it to confirm they understand key risks and their rights when buying a pre-sale unit.

Pre-sale purchases are complex and risky. This form highlights the most important things — like the right to rescind, deposit protection, and what can change before completion.

Authorization for the agent to list a commercial property for lease on the MLS® system.

The landlord must give written permission before the agent can advertise the property for lease.

Additional terms or changes to a commercial lease offer.

Commercial leases are complex. Changes to rent, tenant improvements, or other terms must be documented.

Same as the purchase version but for lease transactions — confirms conditions are met and names the lawyer/notary.

To finalize the lease deal.