New Agency Laws Start Today.
Starting today, Friday, June 15th, 2018 new rules governing agency relationships when buying real estate in BC take effect.
Wondering how these changes impact you when Buying?
If you are actively working with a Realtor, not much will change, though you may still find yourself being educated on risks. If you call an agent directly or visit an open house, any personal information you provide the listing agent must be shared with the sellers. This could include your motivation, budget, timeline, current living situation, and more. This isn’t new, but the disclosures of risks to you are, so be careful what confidential information you share, and most importantly, rely on your agent to arrange viewings and to gather information on properties.
If you are not working with a Realtor, when dealing with the listing agent regarding a specific property, you will be provided information and a choice on how you wish to be represented, either as a Client or an Unrepresented Buyer.
A Client is the same relationship available now whereby you have a real estate professional representing you in the transaction. Under the new rules, as a buyer, the listing agent cannot also be your agent (previously referred to as Limited Dual Agency), therefore, if you choose a have professional representation, you will be required to find your own agent. (When looking at one of our listings, we would be pleased to recommend a Trusted Colleague to assist you. If you are looking at another agent’s listing and would like independent help, please don’t hesitate to contact us at the form below).
An Unrepresented Buyer is a new term to describe when you have no real estate professional representing you. The listing agent will be required to outline the risks of purchasing as an Unrepresented Buyer and must encourage Unrepresented Buyers to seek independent representation from another real estate agent. Again, if you find yourself with this choice when looking at another agent’s listing, we’d be pleased to assist you with independent expert help.
To learn all about the new real estate rules from the Real Estate Council click here.
Still have questions about the rules and how they apply to you? We’d be pleased to discuss with you. Contact us at the form below or call us at 604.983.2518.
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