New Rules for Agency

New Rules for Agency

As of June 15, 2018 the Rules of Disclosure in British Columbia have changed… We as Realtors are now required to provide you with a number of Options for Agency before we discuss any information or provide any advice regarding Real Estate starting with “Disclosure of Risks to Unrepresented Parties” Unrepresented in a Real Estate Transaction? Know the Risks. This form explains the special Legal duties that we as Real Estate Professionals owe to Clients without being represented. This is document allows Realtors to communicate with individuals who have not decided on being represented but keeps that option open without it will reduce the options for service I can make available to you. Once you have read this form and completed the optional consumer fields, I as your real estate professional will complete my part and sign it and pass it to my Brokerage as required by the Real Estate Council of BC. Thanks for your cooperation.

What is Agency?

When you provide real estate services to a consumer as an agent you do so within a fiduciary relationship, where you as a fiduciary owe the consumer a number of strict duties designed to ensure that you act in the consumer’s best interest at all times.
Fiduciary relationship is where one party (the beneficiary) places his or hers, trust, confidence and reliance in another (the fiduciary) who has the ability to exercise his or her power to impact the Beneficiary.
Explain Agency and disclosure of representation in trading services have the client sign the form when they understand clearly the appropriate expectations for the consumer before the relationship begins. the disclosure must be in writing and separate from any service or purchase the seller’s/landlord’s or the buyer’s/tenant’s informed consent is required before a brokerage or any of its licensees acts on their behalf.

The Principles of Agency

1. Undivided loyalty,
2. Confidentiality,
3. Managing conflicts of interests, and
4. Informed consent.

Five Agency Steps with Clients

1. Have I clearly explained agency relationships to my client, and my fiduciary duties?
2. Have I explained the limits to the services that I can offer to an unrepresented party – and the services I cannot provide?
3. Have I explained to my clients the options for managing any conflicts of interest that might arise?
4. Do my clients understand that while I can offer them expert advice, that Ultimately they are the decision-makers and should seek outside Legal advice?
5. As of June 15, 2018 the Rules of Disclosure In British Columbia have changed…. We as Realtors are Now required to Provide you with a number of Options for Agency before we discuss any Information or Provide any Advice regarding Real Estate starting with “Disclosure of Risks to Unrepresented Parties” Unrepresented in a Real Estate Transaction? Know the Risks. SEE the New Rules in the New Disclosure Document Section.