New real estate rules mean new forms to sign
On June 15, 2018, new real estate rules came into effect that change how REALTORS® and their clients can work together in different circumstances.
These rules state that real estate licensees across our province can now only represent one party in a transaction and must provide additional documentation about representation and compensation.
So, the next time you go to buy or sell a property, your Realtor is required by the government to go through some additional forms to explain how or whether you’re being represented and to clarify the compensation that you’ll pay. Of course, Realtors can still give factual information about the properties they list for sale without providing you with this additional documentation. This, however, would change if you wanted to ask them for advice or to reveal any personal information, e.g. your situation; what you’d like to buy or sell, why; etc.
There may also be times under the new rules when your Realtor is unable to represent you because they’re already representing another client in the transaction. In these situations, there are some options you can consider, and a Realtor would be happy to explain them to you.
“These new rules and forms change processes and documentation that have been in place in our province for decades. Our more than 14,000 Realtor members are working hard to comply with these regulatory changes,” Phil Moore, Real Estate Board of Greater Vancouver president said. “We ask for the public’s patience during this adjustment period. The new forms and disclaimers are required government changes and we’re doing our best to comply with them while serving your needs.”
To understand how these rules could apply to you in your next real estate transaction, talk with your Realtor or refer to the BC Financial Services Authority’s real estate website at www.bcfsa.ca/public-resources/real-estate.