(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

Last year’s Langley volunteer extraordinaire pushes others to ‘give it a try’

Volunteering is incredibly gratifying and fun, says Sylvia Anderson in her call for 2019 nominees.

VIDEO: Koch’s OT winner sends Giants to sixth straight victory

Three games, three cities, three victories for the Langley-based hockey G-Men.

Tardi earns first victory in quest for third national title

A Langley-based junior curling team is in Prince Albert, Sask. for the Canadian championships.

VIDEO: Giants wrap southern swing with 6-4 win in Spokane

The Langley-based hockey team defeated the Chiefs Friday night.

Charges upgraded against mother of murdered Langley girl

Kerryann Lewis now faces first- rather than second-degree murder in the death of Aaliyah Rosa.

Keep focus on helping Canadians at home, Trudeau tells MPs at start of meeting

Trudeau said the Liberals will offer Canadians hope amid issue like climate change and global tensions

Skaters stranded in Saint John, NB, amid storm on last day of championships

More than half of the flights out of the city’s airport were cancelled due to the weather

Call for tighter bail rules after Saudi sex-crime suspect vanishes

Mohammed Zuraibi Alzoabi was facing charges related to alleged sexual assault, criminal harassment, assault and forcible confinement of a woman

12 poisoned eagles found on Vancouver Island

Improper disposal of euthanized animal suspected

Olympic softball qualifier to be held in B.C.

Tournament is to be held Aug. 25 to Sept. 1

B.C. resident creates global sport training program

The 20 hour course teaches the science and application of interval training at the university level

B.C. VIEWS: Fact-checking the NDP’s speculation tax on empty homes

Negative-option billing is still legal for governments

May plans next move in Brexit fight as chances rise of delay

Some say a lack of action could trigger a ‘public tsunami’

Most Read