Industry News: New Rules In Real Estate

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If you haven't worked with a realtor since June 14th 2018, you'll likely be hearing some information that you hadn't discussed with your past agents. While it may seem confusing, the result is to protect the public and try to clarify exactly what the relationship is between a client and an agent when receiving any guidance or real estate information. The Real Estate Council of BC explains it as follows:

The Superintendent of Real Estate has announced new rules for real estate licensees that will change the way a real estate professional can provide service to consumers. Under the new rules, real estate licensees will be required to:

  • give consumers more information about commissions and fees —  in particular, how the commission is to be divided between a listing brokerage and cooperating brokerage, or when there is no cooperating brokerage, retained by the listing brokerage;

  • before working with consumers, inform them of the duties and responsibilities owed to clients and unrepresented parties; this will happen when we present the Disclosure of Representation Form to you before offering any real estate services. 

  • inform unrepresented consumers of the risks of dealing with a licensee who is representing another party to the transaction; this will happen when we present the Disclosure of Risk to Unrepresented Parties Form, should a buyer chose to remain unrepresented.

  • only work for either the buyer or the seller in a single real estate transaction. Under the new rules, dual agency, the practice of acting on behalf of both the buyer and seller on the same trade, will be prohibited except in extremely limited circumstances. This means there are now no dual agencies in a real estate transaction. If, for example, a current buyer of ours were to be interested in a listing that the Doyle Real Estate Group has, we would not be able to represent them in the purchase of the property.

Your team at Doyle Real Estate Group is committed to offering the best service to our clients and will be happy to review any of these new regulations with you if you have any questions or concerns.