The Real Estate Council of BC has created new rules that effect how real estate advisors and their clients can work together throughout different types of real estate transactions. The rules came into effect June 15, 2018 and were created to enhance consumer protection and increase transparency in the industry.
These rules include several new disclosure forms that all real estate advisors must present to consumers and their clients. The forms help you make an informed decision on your rights and the obligations and responsibilities of your advisor or if you choose to become an unrepresented party. In addition, if listing your property there is greater transparency on commissions.
The big take away is there is no more dual agency, meaning a Realtor cannot represent both parties in a transaction. I’ve always maintained that dual agency can work in some situations, however, it’s not usually in the best interest of the consumer. I’ve always made it a business practice to only represent one party in a transaction, so for me these rules are pretty easy to adopt.
To understand how these new rules could apply to you in your next real estate transaction, please don’t hesitate to reach out to me and learn more on the Real Estate Council of BC website.