On June 15, 2018, a few changes came into effect as to how real estate transactions are conducted in BC. But, the most important question is how will these changes affect you as a buyer and/or seller of real estate?
BC’s Real Estate Council appointed a superintendent in 2016 to oversee new regulations which will restrict Realtors from representing the seller and buyer in the same real estate transaction (known as Dual Agency).
Realtors will be using updated documents and contracts and will be making sure clients are thoroughly aware of the nature of their relationship with their agent before transactions.
Bottom line, the changes are there to protect you, the client.
How the Rule Changes Affect Sellers
Once you choose who you want to have represent you in the sale of your property, that Realtor is bound to protect your private and financial information and always consider your best interests. A professional Realtor, experienced in marketing and negotiations, can expertly guide you each step of the way.
But, what if another of your Realtor’s clients is interested in making an offer on your property, or what if you would like to make an offer on another of your Realtor’s listings? These situations are called “Dual Agency” and the new regulations restrict this activity. This means that the interested buyer for your property (or you, if you’re making an offer on another of your Realtor’s listings), will have to work with another trusted Realtor for that particular transaction.
How the Rule Changes Affect Buyers
Once you start the hunt for the perfect property with your Realtor, you may decide you want to make an offer on one on your Realtor’s own listings. The new regulations state that your Realtor cannot represent both you and the seller. So, in this case your Realtor will advise you to work with another realtor who could represent you.
This change in Realtors mid-search may seem a little awkward, but it ensures you have the best representation possible, and both seller and buyer have an experienced professional to guide them through negotiations.
Prior to entering into any discussion with a Realtor about real estate, be sure you’ve filled out the required “Disclosure of Representation in Trading Services” to understand the different relationships you can have with a Realtor.
If you have any questions about the new real estate regulations, or wish to book a complimentary home evaluation, don’t hesitate to contact me!
“Bob McLean has a warm and wonderful personality. He will go the extra mile to help you find that perfect place you are looking for, or help you sell your home in up-to-date market conditions, ensuring you get fair market value for you home.” Lynn