BC regulatory body aims to further protect consumers
BC’s Superintendent of Real Estate has approved amendments to the Real Estate Rules. Starting June 15, 2018, a number of new amendments will come into effect.
Most notably, that’s the date after which dual agency will no longer be permitted. Realtors will no longer be able to represent both a buyer and a seller at the same time in a single transaction.
As well, additional approved rules amendments incorporate the Real Estate Council of British Columbia's English language proficiency requirements for new applicants into the Rules; require that new remuneration disclosures to sellers include a dollar amount; and create new rules to address conflicts of interest where a licensee finds themselves potentially working with multiple parties that would constitute dual agency.
The Office of the Superintendent of Real Estate (OSRE) is a regulatory agency of the B.C. government that carries out the regulatory, oversight and enforcement duties of the Superintendent of Real Estate. The OSRE is putting these amendments in place to protect the public and increase consumer confidence.
How will these new changes affect consumers?
Except in the rarest of instances, the new prohibition on dual agency means that the licensee you’ve been working with can’t act for a buyer and seller on the same transaction. Unless you’re in a location where there are limited Realtors to choose from, this likely won’t have significant impact on you as a buyer or seller.
This and the other changes are for the protection of the consumer. If you have any questions regarding the new regulations, please feel free to get in touch.
As always, I’m happy to discuss any aspect of buying, selling, moving and living in the Comox Valley. Please contact me, check out my website or visit my Facebook page if you have any real estate questions.