Changes to the way real estate agents work with consumers in British Columbia come into effect today (June 15, 2018).
The amendments to the Real Estate Services Act are complementary to those introduced last November and were originally planned to be implemented in March.
The British Columbia Real Estate Association (BCREA) has been working with the Office of the Superintendent of Real Estate (OSRE) on the changes, which prohibit limited dual agency where a Realtor acts for more than one party in a transaction.
“Since the new Rules were finalized six weeks ago, BCREA has been hard at work to update our Applied Practice Courses for new licensees, continuing education courses and nearly two dozen standard legal forms that have been impacted by the changes,” said BCREA CEO Darlene Hyde.
Commission transparency requirements
Real estate agents will also be expected to provide greater transparency on fees, which BCREA says will be most noticeable to consumers in multiple offer scenarios.
From today, every time an offer or counter-offer is received a Realtor will need to disclose to the seller exactly how much commission may be charged. Other brokerages in the transaction will also receive this information.
“These changes will profoundly alter for the foreseeable future the way consumers initially interact with their Realtor said Hyde. “BCREA has done its utmost to facilitate the transition to the new Rules and we stand behind a strong regulatory regime, informed and knowledgeable customers and professional Realtors.”
