As you may have heard, the BC Real Estate Council has amended the agency disclosure requirements that licensed professionals need to make to consumers. This has been done to better inform the public of what Agency representation means and offers, as well as provide more detail on the risks to those that choose to remain unrepresented in a real estate transaction.
As a BC HOME GROUP client, I want to ensure that you have an opportunity to review and understand these new forms in order to make an informed decision on your rights and options when purchasing a new home.
As of June 15th, 2018 all real estate agents (licensees) must provide these disclosures prior to discussing or sharing information with consumers on any project or real estate listing to ensure the consumer understands their options. These Council approved forms are available online now for you to review. Disclosure of Risks to Unrepresented Parties in Trading Services and the Disclosure of Risks to Unrepresented Parties provide detailed information on your choices for Agency representation in any real estate transaction.
As of June 15th, 2018, the British Columbia Real Estate Association’s Working with a REALTOR® brochure is no longer valid. Licensees must use the new “Disclosure of Representation in Trading Services” to disclose the type of representation they can offer a consumer.
Disclosure of Representation
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, disclosing who they represent in the transaction.
For consumers who choose to conduct a real estate transaction without a real estate professional representing them, our licensees, representing the seller will provide you with the mandatory Council-approved “Disclosure of Risks to Unrepresented Parties” form for this disclosure.
Disclosure of Risks to Unrepresented Parties
This form confirms that the licensee providing the form will not represent you in the transaction for a variety of reasons, such as the licensee is already acting on behalf of the seller in the transaction, which means any confidential information shared with the licensee will also be shared with the seller. Unrepresented parties need to be aware of this fact when visiting new home Presentation Centres.
It is ultimately the consumer's decision whether they wish to be represented by a licensee; however, the Real Estate Council of BC recommends all unrepresented parties seek the advice of a professional during any real estate transaction.
Should you have any questions, I will be happy to review these new forms with you at any time.
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