Changes to the Real Estate Council of British Columbia's disclosure requirements are designed to ensure that consumers have the information they need to make informed decisions in a real estate transaction. We want to make sure that all of our consumers have an opportunity to make an informed decision about their agency rights and options.
Effective June 15, 2018 all real estate agents (licensees) must make disclosures about the intent of providing services to consumers earlier than had previously been the norm in the industry. The Disclosure of Representation in Trading Services form and the Disclosure of Risks to Unrepresented Parties form have been created to address the new rules and will be given to you to identify whether you will be represented or unrepresented and the associate risks of being unrepresented.
These forms will:
- clearly explain to consumers the difference between being represented and unrepresented, and;
- the type of representation being offered by the licensee who is providing the form.
To ensure that all of our consumers are well-informed and well-protected requires us to do more than just make sure that the right forms are signed. We will also make sure we:
- Engage in clear and open communication with our clients, potential clients and unrepresented parties.
- Engage in active listening to understand your expectations and respond to your questions.
- Use our professional judgement.
- Take time to ensure there is mutual understanding between us, so that you can make the best, fully-informed, decisions about your real estate transactions.
- Carefully document conversations and agreements to prevent any misunderstandings throughout the sales process.
The British Columbia Real Estate Association’s Working with a REALTOR® brochure will no longer be used by licensees; effective June 15, 2018, licensees will use the "Disclosure of Representation in Trading Services" to disclose the type of representation they can offer a consumer.
This new mandatory form outlines the difference between being represented and unrepresented, and which of those two options is being offered to you by the licensee who is providing you with the form.
For consumers who choose to conduct a real estate transaction without a real estate professional, licensees will provide you with the mandatory Council approved "Disclosure of Risks to Unrepresented Parties" form for this disclosure.
This form confirms that the licensee providing you the form will not represent you in the transaction for a variety of reasons, such as the licensee is already acting on behalf of another client in the transaction.
While it is ultimately up to each consumer to decide whether they want to be represented by a licensee, the Real Estate Council urges all unrepresented parties to seek the advice of a professional during any real estate transaction.
If you have any questions please don't hesitate to ask.