(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

“Huge disappointment” as BCVT learns Northern Sea Wolf will not sail this summer

The Nimpkish is arrriving near-empty as frustrated travelers can’t get to Bella Bella for transfer

Campfire ban coming into effect across West Coast

The Coastal Fire Centre says bans will begin on Wednesday

Bella Coola enjoys 33rd Annual Valley Ridge Riders Rodeo

Sunny skies on Monday added a welcome touch to an otherwise damp weekend

First Nation pipeline protesters erect ‘tiny homes’ in B.C. Park

Kanahus Manuel and Tiny House Warriors say more homes being constructed in park

France doubles up Croatia 4-2 to win World Cup

Played in Moscow Russia, latest Fifa World Cup marks the highest scoring final since 1966

BC Games’ Athletes Corner: What’s your favourite pump up song?

Check out what’s playing in the earbuds of BC Summer Games athletes before they compete

Crosswalk vandalism leaves black mark for Cowichan as B.C. Games begin

Rainbow crosswalk defaced just days after being painted

Photo gallery: BC Games Day 1

A brief look at action from the 2018 BC Summer Games in the Cowichan Valley

Anti-pipeline campers digging in as eviction deadline expires

The City of Burnaby had ordered the Kinder Morgan pipeline protesters out for violating bylaws

Trump was taped talking of paying Playboy model: AP source

Source says former personal lawyer Michael Cohen secretly recorded discussion prior to 2016 election

BC toddler with ‘allergy’ to sun waiting for bone marrow transplant

Charlie Lock, 2, needs treatment for damage caused by rare disorder EPP

VIDEO: How to throw a frisbee

Ultimate frisbee player Amy Mackay shows off the proper technique

Site C dam project plagued by problems: expert

E. Harvey Elwin expresses concern about internal BC Hydro and government documents

Seal attacks kayakers off northern Vancouver Island

‘It has to be one chance in a million of this happening.’

Most Read