End to 'dual agency' among changes to B.C. real estate industry coming into force Friday

Posted by Michael La Prairie on Friday, June 15th, 2018 at 11:15am.

New rules aim to better protect buyers, sellers — but realtor says they won't 'fundamentally shift' industry

End to 'dual agency' among changes to B.C. real estate industry coming into force Friday

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.

B.C.'s superintendent of real estate, Michael Noseworthy, announced in September 2017 that new rules would be imposed banning dual agency after a series of scandals including revelations of "shadow flipping" came to light.


Continue reading End to 'dual agency' among changes to B.C. real estate industry coming into force Friday at CBC Website

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