Changes to Disclosure Requirements - Real Estate Council of British Columbia
With the recent changes to the Real Estate Council of BC’s disclosure requirements we felt it prudent to provide you with the benefits these amendments offer the purchaser. The changes are designed to ensure that consumers have the information they need to make informed decisions in a real estate transaction. We want to ensure that all of our clients have an opportunity to make an informed decision regarding agency rights and options.
As of June 15, 2018, all real estate licensees (your agents) must make disclosures about the intent of providing services to consumers earlier than had previously been the norm in the industry.
Please click on these two links Disclosure of Representation in Trading Services and the Disclosure of Risks to Unrepresented Parties for details on changes to the practices that licensees must follow with clients.
These amended forms will provide you with the following:
- Clear explanation of the difference between being represented and unrepresented;
- Which of those options is being offered by the licensee who is providing the form.
Previously the British Columbia Real Estate Association’s Working with a REALTOR® brochure was utilised to guide consumers as to the services a licensee provided. As of June 15, 2018, the brochure has been replaced by the “Disclosure of Representation in Trading Services” to disclose the type of representation a licensee can offer a consumer.
For consumers who choose to conduct a real estate transaction without a real estate professional, licensees will provide you with the mandatory Council-approved “Disclosure of Risks to Unrepresented Parties” form for this disclosure.
This form confirms that the licensee providing you the form will not represent you in the transaction for a variety of reasons, such as the licensee already acting on behalf of another client in the transaction.
While it is ultimately up to each consumer to decide whether they want to be represented by a licensee, the Real Estate Council urges all unrepresented parties to seek the advice of a professional during any real estate transaction.