We all know Real Estate has attracted much attention over the past two years. Because of this the government has effected (through the Real Estate Council of BC) some fairly substantial changes in the way you will be interacting with your local Realtors ®.
Starting June 15th a new level of disclosure requirements will be mandatory when working with consumers in Real Estate. These changes deal specifically with changes to agency rules and disclosure requirements under the Real Estate Services Act.
As an example, the exact amount of commission your real estate professional’s brokerage would receive if you accept a given offer will now be shown as opposed to a percentage of the selling price (now shown at the time of listing the property), how that payment would be split, and any other payment the real estate professional would receive or would expect to receive.
Agency will now be laid out in far more specific terms as will the risks of being unrepresented in a Real Estate transaction.
Make sure your Real Estate professional is well versed in these new forms and can explain them. A toll free number will accompany each of these forms should you wish to contact the Council directly.
It is important to remember most Realtors® really are interested in serving their Community and welcome any change that helps you understand how we carry out our responsibility to you, the Consumer.