(Black Press Media files.)

B.C. Realtors must now disclose commission, can’t represent buyer and seller

Changes come as regulator looks to protect consumers, officials say

Rules that came to fruition in order to protect consumers in B.C.’s real estate market are now in effect.

Mandated by the Office of the Superintendent of Real Estate, the new rules include a ban on dual-agency in most regions of B.C., and amendments to the Real Estate Services Act around the disclosure on commissions when helping sell a home.

As of Friday, Realtors and real estate agents are no longer allowed to represent both the buyer and seller in a transaction – a practice also known as “dual agency.”

While there is an exception to that rule in extremely remote locations, the ban has been met with criticism by some agents who say the exception is too strict and could force consumers to choose a Realtor they don’t want when buying or selling a house.

As of June 15, disclosure rules have also changed.

Realtors are required to disclose the remuneration they will receive in the sale when presenting offers and counter-offers from potential buyers.

Real estate agents must now also disclose more information on who the seller is, potential risks and how a client can issue a complaint.

“These changes have been designed to reinforce a real estate agent’s duties and obligations to their clients, and to ensure that agents are always acting in their client’s best interests,” said Michael Noseworthy, superintendent of real estate.

“We want to make sure that the advice consumers receive is solely for their benefit, and that consumers have confidence that their agent is undoubtedly on their side.”

NOTE: This article misstated that real estate agents representing a seller will have to share the remuneration to buyers.


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Clayton’s little neighbourhood libraries are open for business

’Take a book, leave a book’ initiative aims to bring Clayton residents closer together

Surrey RCMP request assistance from public after man stabbed

20-year-old man suffered serious but not-life-threatening injuries.

Man surrenders peacefully to police after 7-hour standoff at Ladner home

Man had entered the home against his court-ordered conditions

‘Just like Iron Man’: Calgary surgeon undergoes experimental spinal surgery

Dr. Richi Gill was in a freak accident on a boogie board during a family vacation in Hawaii

‘How did we get here?’: B.C. mom of transplant recipient worries about measles outbreaks

Addison, 7, cannot get a live vaccine because she has a heart transplant

NDP Leader Jagmeet Singh calls for public inquiry over SNC-Lavalin questions

Vancouver member of Parliament Jody Wilson-Raybould resigned from cabinet last week

Canadian airlines waiting for guidance from Ottawa over X gender option

Major U.S. airlines said they will change their process so passengers can identify themselves along non-binary lines

Plane flips over at Pitt Meadows airport

Runway closed for an undermined length of time.

Moose Hide campaign takes message to Canadian schools

Campaign launches new K-12 education platform

‘Violent’ B.C. man wanted on Canada-wide warrant

Prince George man with ties to Vernon sought by police

Trudeau’s principal secretary, Gerald Butts, resigns amid SNC-Lavalin furor

Butts categorically denies the accusation that he or anyone else in the PMO improperly pressured former attorney general Jody Wilson-Raybould

UPDATE: Rescue crews for 2 hikers caught up in possible avalanche on Mount Seymour

North Vancouver RCMP say they don’t know what the nature of the call is yet

Most Read