New Consumer Protection Rules: Information for Consumers
Good News Came in Town
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:
The new rules will come into effect on June 15, 2018.
The Council has developed answers to a number of questions that real estate consumers may have about these new Rules.
Disclosure of representation
The Superintendent of Real Estate has created a new rule that requires a licensee to disclose to a consumer, at the outset of their dealings:
This new disclosure requirement is intended to ensure that consumers are not confused or misled about whether a licensee they are dealing with is going to be representing their interests in the transaction.
Yes. You may choose to be unrepresented rather than working with a licensee.
Before making that decision, you should consider the risks of remaining unrepresented, and the potential benefits of having a real estate licensee represent your interests in a trade in real estate.
The Superintendent of Real Estate has created new Rules that generally prohibit the practice of dual agency, except in the rarest of circumstances. Dual agency refers to when a licensee represents, in a single transaction, two or more clients whose interests are in conflict. For example, a property seller and a prospective buyer for that property.
For these reasons, anIndependent Advisory Group on real estate regulation in BC recommended that limited dual agency be banned in BC. Now, the Superintendent of Real Estate has created a Rule restricting limited dual agency (except in very limited circumstances).
Q: I have been working with a licensee for six months trying to buy a home. I came across one of my licensee’s listings, and I am interested in making an offer. I want him to represent me but he says he can’t, because limited dual agency is no longer allowed. Why can’t I work with my licensee anymore?
Licensees are no longer allowed to engage in limited dual agency, except in rare circumstances. Your licensee cannot represent both you (the buyer) and the seller in the same transaction.
Because of the prohibition on limited dual agency, the licensee you have been working with cannot continue to act for you. However, you can choose a different licensee to represent you going forward. Your licensee can suggest names of other licensees who may be able to assist you.
For more info please follow the website www.RECBC.ca (Real Estate Council of BC)