The new rules came into effect on June 15, 2018 this past week. Not only will this affect real estate agents, it will also affect you as a buyer and seller. The largest change you will see other than the new mandatory forms is the ban on Limited Dual Agency.
REBGV States “The move to single agency is a significant change from the practice over the years when Realtors could represent both sellers and buyers in a transaction. BC is the first Canadian province to implement rules that require Realtors to act only for one party.”
Real Estate Board of Greater Vancouver President Phil Moore issued the following statement on these changes:
“Today’s changes mean that real estate licensees across our province can now only represent one party in a real estate transaction and must provide their clients more detailed information about how they’re compensated. One of the biggest impacts of these changes is that there may be times when your Realtor is unable to represent you because they’re representing another client in the transaction. As well, listing agents won’t be able to bring their own buyers, which has always been a key reason for the existence of limited dual agency.”
A look at the new forms:
- · Disclosure of Representation in Trading Services
- · Disclosure of Risks to Unrepresented Parties
- · Disclosure of Risks Associated with Dual Agency
- · Disclosure of Expected Remuneration
- · Agreement Regarding Conflict of Interest Between Clients
To learn more about the real estate rule changes Click here.
Have some more questions? Let’s grab a coffee and chat.