This new real estate rule will definitely affect Buyers and Sellers in Abbotsford, Mission, Chilliwack and all BC.I have got lots of calls about the new rule in real estate from my past cleints.
According to the new rules, announced by the Superintendent of Real Estate all licensees are expected to give to consumers a more clear and detailed information about the fact, how comision is distributed between a listing brokerage and co-operating brokerage. In addition to this, licensees are to warn unrepresented customers,if there are any risks in dealing with a real estate agent ,representing another party for the transaction too.The practice of representing the Buyer and the Seller in the same transaction called Dual Agency will be banned since March 15, 2018.
The new rules about banning Dual Agency were created by the Superintendent for the following reasons:
- a real estate agent can not be equally loyal and objective to both clients with competing interests ( for example, a property Seller and a prospective Buyer for the property)
- a difficulty arises for a licensee to properly advise clients,he works with without disclosing their confidential information
- some licensees could put their own interest in earning the whole commison instead of acting for the best interest of the clients as it is normally expected
As a result real estate agents are not allowed to engage in linited dual agency, only extremely limited and rare circumstances can be the exclusion.
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