Disclosure of Representation

On June 15th 2019, The Disclosure of Representation in Trading Services became a new document as and to the changes to the Real Estate Services Act in British Columbia, It replaced a previous Working with a Realtor form.

The reason behind the Disclosure of Representation in Trading Services form is to educate & inform a client Buyers & Sellers - wanting to be obtain real estate service of what their rights are in the relationship, and the duties and responsibilities the Realtor owes to their client.  


More info can be read here. RECBC.ca 
                                              
Disclosure of Representation in Trading Service BC

What is the Benefit?

When considering a real estate transaction, consumers must decide if they wish to be a Client of a licensed real estate professional or act independently as an Unrepresented Party.

When choosing a licensed real estate professional to represent you, you can expect as their Client:

  • Professional advice: BC Realtors have receive specialized training, are continually educated and up to date on specific laws, government mandates and changes, intricate & fussy transaction etiquette.
  • Protection: licensed BC Realtors are regulated by the provincial Real Estate Services Act which aims to protect the rights of consumers. They carry professional liability insurance (Errors & Omissions) to protect themselves and their clients
  • Integrity: the Real Estate Council of BC works to ensure BC Realtors are competent and knowledgeable. They can and have investigated individuals, as well as placed disciplinary measures with fines for any professional misconduct.
  • Experience: As advisors in real estate services, realtors have a vast amount of expertise since they do this job everyday. There are hidden aspects to each transaction and realtors have the mind set to detect and protect their clients. 






What to Expect as A Client

Unlike an Unrepresented Party, as a Client of a real estate professional, BC Realtors owe you the following special legal duties:

  • Loyalty: they must put your interests first.
  • Avoid conflicts of interest: any situation that affects their duty to act in your best interest must be avoided.
  • Full disclosure: they must provide all information they know that may affect your decisions.
  • Confidentiality: they cannot reveal your private information without your permission.

Your Options

In British Columbia, licensed Realtors provide their services through brokerages. Ie: Pemberton Holmes, Remax or Royal LePage, etc.
When you become a client, the agreement that you sign is with the brokerage. 

Depending on the Brokerage you choose, you will be represented in one of two ways:

  • Brokerage Agency: all Realtors employed by the brokerage represent you. They are bound by the same legal duties described above.
  • Designated Agent: Only your chosen Realtor represents you. They cannot share your confidential information with other Brokerage agents without your permission.


What to expect if you choose to be a Customer

There is no due loyalty, no full disclosure nor any confidentiality to you as a customer. Ultimately we cannot give you any advice and private information on listings. 

Disclosure Confirmation 

Before receiving any trading services from a Realtor, they must provide you with the Disclosure Of Rep form. This form is for any and all real estate transactions including commercial, residential, rental and leased property.

Once you have reviewed the Disclosure document, you have the option of signing the form to confirm that you received this consumer protection information.

Your agent must sign the Disclosure Form and submit it to their Brokerage. If, after reading the DORTS document, you decide that you do not need a Realtor to represent you, they may be required to present you with the Disclosure of Risks to Unrepresented Parties form. 

No matter what, all BC realtors are bound by submitting these forms to all inquiring real estate parties and all parties that signs are NOT obligated or committed to the agent. This is NOT a contract. 

Ultimately, the best decisions can be made when clients know that agents are bound by the laws to be transparent and truthful.

Trust your agent!

Please Provide Your Buying Criteria

Janine Thomson

Pemberton Holmes - Cloverdale

150-805 Cloverdale Road  Victoria,  BC  V8X 2S9 

Mobile: 778-678-5466

Phone: (250) 384-8124

Toll Free: 1-800-665-5303

Fax: 250-380-6355

info@janinethomson.net