(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

Another Kelowna club bites the dust

Level nightclub will be closing

Kelowna weather: Grey days return

The sun will be hiding behind the clouds for the next few days

Okanagan film industry brings in $32 million

Business is brisk in the Okanagan

Nomination date set for Kelowna- Lake Country Conservatives

March 2 is the deadline for anyone who wants to run for the federal nomination

Rutland pride spills over

Reaction to a story this weekend was clear and worth a second read

Mermen calendar targets ‘toxic masculinity,’ raises big money for charities

Newfoundland and Labrador Beard and Moustache Club gave a cheque for more than $202,000 to Violence Prevention NL

UPDATED: ‘Violent’ B.C. man back in custody after Alberta arrest

Prince George man with ties to Vernon was being sought by police

After a week away, SNC-Lavalin questions await MPs returning to Parliament

Two have resigned already: Jody Wilson-Raybould was veterans affairs minister and Gerald Butts was Trudeau’s principal secretary

‘How did we get here?’: B.C. mom of transplant recipient worries about measles outbreaks

Addison, 7, cannot get a live vaccine because she has a heart transplant

Poverty coalition has high hopes for B.C. poverty reduction strategy

Funding allocation expected to be released with 2019 budget

Chanel: Iconic couturier Karl Lagerfeld has died

He spent virtually his entire career at luxury labels catering to the very wealthy

Interior Health on high alert for possible measles cases

No reports of the disease yet, but regular travel to the Coast could bring measles to the Interior

B.C. father and sons launch new trunk-sharing system, ‘Trunkit’

Smiths say peer-to-peer shipping service offers an affordable, green alternative

Lost a ring? This B.C. man will find it for you

Chris Turner founded The Ring Finders, an international directory of metal detector hobbyists

Most Read