If you have not worked with a real estate agent since June 15th 2018 you will be seeing a new form the next time you do work with a realtor.
It’s called the ‘Disclosure of Representation in Trading Services’ form and it is designed to clarify the exact relationship between you, the consumer, and the realtor you speak with (aka, the agent).
Here’s a quick FAQ guide about how this form is used & why it is important.
Q1: “I’ve never seen this form before when working with a realtor. Why are you asking me to read it and sign it?”
A1: As of June 15th 2018 the Real Estate Council of BC (RECBC) has made this form mandatory for any realtor offering services to a client. Before these services can be provided (showing a home, offering market advice, discussing a client’s needs) this form must be reviewed & signed by the realtor you are speaking with. Your signature is optional but many agents prefer that you do sign and it is to your benefit to do so as it proves you have review the information.
Q2: “Does this mean I am entering into a contract with the agent?”
A2: The short answer is ‘No’. The longer answer is that they are the ones who now owe you the duties of confidentiality, disclosure, loyalty and avoiding conflicts to your interest in a real estate transaction. For these reasons, the form is for your benefit.
Q3: “Can I work with another broker if I sign this form?”
A3: Yes, however, you will need to inform the realtor that you are currently working with that you would like to work with someone else. This is to ensure there are no conflicts of interest and to respect the time & effort of the agent who you do not wish to work with anymore.
Q4: “I’ve reviewed the form and signed. Now what?”
A4: Your realtor will continue to provide you with all of the services that they would normally offer.
Q5: “I’ve read the form and do not want to sign. Can I still get information from this agent?”
A5: Unless the agent you spoke with refuses to work with a client who will not sign the agreement then yes, you may still speak with them and receive information. But if you wish to be unpresented, the agent must give you a second form called a ‘Disclosure of Risks To Unrepresented Parties’ form which outlines your position as an unrepresented party. The agent will sign this form and your signature is optional. Be aware that this choice means the agent does not owe you the same loyalty, confidentiality, conflict avoidance or full disclosure of information that they would if they were to represent you, but they will still offer honest, accurate information to the best of their abilities.
We hope this guide was useful and if you have any further comments please get in touch with us!
Our team at the Doyle Real Estate Group is continually attending additional training & accreditation course in order to be throughly up to date on all real estate regulations. We are here to answer any questions you have about the market or real estate in general.