Rules Changed For The Better

Published: October 17, 2019

Rules Changed For the Better

October 16, 2019

New Rules Now In Effect

New Rules Now In Effect

Well, there have been some slight changes to the wording around the rules Realtors must obey in regards to dual agency, conflict of interest, disclosures of representation and remunerations. After a year of using the forms, the Real Estate Council of BC has amended the forms slightly to make it more easy for consumers to understand and for Realtors to explain. It sounds like a lot, but it’s what we have already been doing since 1986 for all of our clients.

At RE/MAX Priscilla we are uniquely positioned to offer informed single agency to all our clients, whether buying or selling. Our Realtors are highly trained professionals with in-depth knowledge of every aspect of the real estate market and the communities we serve. Our Realtors, Priscilla Sookarow, Craig Demetrick, Alan Steir and Heather Paulsen are all skilled negotiators ready to assist all buyers.

The newly updated forms, explained below, are still in effect and will provide you information on:

– Disclosure to both buyers and sellers as to the agency relationship options that are available.

– Disclosures are made – the when and how version.

– Realtors may only represent either the buyer or the seller in a single real estate transaction – unless one side is unrepresented or in certain extreme circumstances.

So, what will you see and when? Every transaction will see the first two documents signed and in very rare cases the third:

For a quick understanding of what these new forms will mean for you and why we need to use them, here are some quick videos from the Real Estate Council of BC:

  • Disclosure of Representation in Trading Services: Video
  • Disclosure to Sellers of Expected Remuneration: Video
  • Disclosure of Risks to Unrepresented Parties: Video

ONLY IN EXTREME CIRCUMSTANCES

Documents that are highly unlikely to ever be used, but here’s why they may be used:

Videos for these two forms can be found here:

  • Agreement Regarding Conflict of Interest Between Clients: Video
  • Disclosure of Risks Associated with Dual Agency: Video

In most cases you will only see the top two documents, but as they say, now you know!

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