As of June 15th, 2018, the Real Estate Board of Greater Vancouver has implemented some new rules for licensed agents.
The new rules will prohibit the practice of limited dual agency and require real estate licensees in BC to provide additional information to their clients about how they’re compensated. Previously, agents could represent both seller and buyers in a transaction. The rules now require agents to act only for one party.
We want to ensure that you are well informed and given the opportunity to make informed decisions on your rights and options. The Disclosure of Representation in Trading Services and the Disclosure of Risks to Unrepresented Parties detail the changes to the practices that agents follow with clients.
Disclosure of Representation in Trading Services
The form, Working with a REALTOR®, will no longer be used by agents. In its place, agents will use the “Disclosure of Representation in Trading Services” to disclose the type of representation they can offer a consumer.
The form outlines the difference between being represented and unrepresented, and which of those options is being offered to you by the licensee who is providing you with the form.
Disclosure of Risks to Unrepresented Parties
The form confirms that the agent providing the form will not represent you in the transaction for a variety of reasons. An example would include the agent is already acting on behalf of another client (perhaps the seller) in the transaction.
The decision is ultimately the consumer’s whether they want to be represented by an agent. The Real Estate Council highly recommends all unrepresented parties seek the advice of a professional for any real estate transaction.
Have questions? Give us a call and we can discuss this further!
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