You may have started to read about some Real Estate changes that are about to take place in British Columbia.
Here is a 'Quick Guide' as to what is happening.
What Has Happened?
The body that regulates us (BC real estate professionals) has made changes to the Rules that govern how we can serve you:
- I, along with all BC real estate professionals, must comply with these new Rules which came into effect June 15, 2018.
- These new Rules were put into place by the provincial Office of the Superintendent of Real Estate and are intended to protect consumers.
What are the New Rules?
These new Rules ensure you receive specific types of information, and includes getting you to read certain documents and sign certain forms about:
- our remuneration,
- duties and responsibilities owed you, and
- the risks of relying on the limited assistance a real estate professional can provide when they are already representing another party to a transaction.
These new Rules also include a ban on the practice of acting for both the buyer and the seller on the same deal, making BC the only province in Canada to prohibit this practice.
Why were the Changes Made?
These Rule changes resulted from recommendations made in 2016 by an Independent Advisory Group on Real Estate Regulation in BC.
What do these Changes Mean for Me (the Consumer)?
These changes mean that I may need to handle my services to you a bit differently than what you may be used to or what was common practice in the past. In certain situations, it may mean that I am not permitted to provide certain types of service that you may ask of me.
It may also mean that I will ask you to read certain forms or other documents and sign that you have read and understood them.
What types of services are not permitted?
Any type of service that puts me into a situation where I have to split my allegiance to you and another party on the same real estate transaction will no longer be permitted.
If you have any specific questions, please do not to call or email me.