New rules aim to better protect buyers, sellers — but realtor says they won't 'fundamentally shift' industry
New rules for the B.C. real estate industry come into force Friday and the Real Estate Council of B.C. says those changes will better protect buyers and sellers.
In a statement, the council said the rules will ban the practise of "dual agency," where an agent represents both the buyer and seller in a transaction (though an exception is made for "remote locations underserved by real estate professionals").
The other change is an increase in disclosure: agents will have to provide more information to a client up front, at the start of their business relationship.
That includes information on services provided, fees, the agent's benefits and brokerages earned from the sale, possible risks and how a client can file a complaint.
"With these new rules, B.C. consumers can be confident they are receiving clear information to help them make informed decisions, and getting the representation they need to safely navigate real estate transactions," council chair Robert Holmes said in the statement.