You may have heard, as of June 15, 2018, the BC Real Estate Council has initiated new rules to enhance consumer protection.
“London Pacific Property Agents work with undivided loyalty to serve the best interests of our clients, we are very supportive of these new rules as they further guide property owners to make informed decisions” – London Pacific, Managing Broker Keath Williams.
SUMMARY OF NEW DISCLOSURE FORMS
Disclosure of Representation in Trading Services – Must be given to consumers before real estate professionals begin working with them, explaining the duties and responsibilities owed to clients and unrepresented parties.
Disclosure of Risks to Unrepresented Parties – Must be given to consumers to explain the risks of dealing with a real estate professional who represents another party to the transaction.
Disclosure of Risks Associated with Dual Agency – To be given to consumers in the rare cases of dual agency, explaining the risks of dual agency and how it benefits real estate professionals.
Agreement Regarding Conflict of Interest Between Clients – Can be used when a conflict of interest exists between two current clients of the same real estate professional
Disclosure of Expected Remuneration Payment – To be given to sellers with each offer, explaining how the commission will be shared between the seller’s brokerage and the buyer’s brokerage. This form explains to the consumer the total payment the listing brokerage would receive if the current, open offer is accepted.
If you have any further questions regarding the new real estate rules please reach out to one of our London Pacific team members HERE