The changes to the Real Estate Laws in BC which prohibit the real estate practice of dual agency and mandate increased agent disclosure, were originally scheduled for March 15 but have been postponed to June 15th 2018.
These rules are aimed to eliminate conflict of interest with an emphases on increased transparency by banning dual agency (where practice of representation by both parties in a real estate transaction), and forcing licensed real agents to reveal more about their representation .
When the RECBC posted its interpretation of the new rules on its website, realtors were shocked to see the dual agency ban didn’t just mean that they would have to release one client if a situation of dual agency arose. Instead, they had to give up both clients and completely step away from the sale
.The changes to the important Estate Laws in before Christ that veto the important estate apply of twin agency and mandate augmented agent revealing, were originally scheduled for March fifteen however are delayed to Gregorian calendar month fifteenth 2018.
These rules square measure aimed to eliminate conflict of interest with AN emphases on augmented transparency by prohibition twin agency (where apply of illustration by each parties in an exceedingly realty transaction), and forcing authorised real agents to reveal a lot of concerning their illustration .
When the RECBC announce its interpretation of the new rules on its web site, realtors were appalled to examine {the twin|the twin} agency ban didn’t simply mean that they’d need to unleash one consumer if a scenario of dual agency arose. Instead, that they had to present up each shoppers and utterly step faraway from the sale
In a letter sent to Noseworthy dated February. 1,
”We believe this interpretation may well be damaging to realty patrons and sellers with fortuitous consequences for client protection, therefore undermining the intentions of the new rules…The response to this point is sometimes one
When the RECBC announce its interpretation of the new rules on its web site, realtors were appalled to examine the dual agency ban didn’t simply mean that they’d need to give up one client if a scenario of dual agency arose. Instead, that they had to give up each client and utterly step faraway from the sale. Licensed Realtors argued that the rule leaves clients in a bad situation with no one to represent them in the deal and whom they might trust already.
As a long time Realtor in Surrey and having clients for many years the idea of having to step away form clients for any reason just seems unfair to both parties. Our intention and responsibility to our clients and the industry is what we have built our business relationships on. Trust and our hard work with a honest approach has also built friends, in fact some of our family friends are from being clients in the past. We hope that common sense prevails with the rulings.
