On Thursday, September 7, the Office of the Superintendent of Real Estate published draft changes to the Rules under the Real Estate Services Act. Two issues that real estate boards were especially concerned about was the future of limited dual agency and double-ending.
Limited Dual Agency
In a nutshell, limited dual agency will be banned. The one exception will be in those remote communities where available representation is so limited, it is practically impossible for the transaction to take place. In this case, a signed disclosure of the agreement must be submitted for notification to the Real Estate Council.
Unrepresented or ‘double ending’
The Superintendent is not recommending the elimination of double ending. The draft changes call for a renewed emphasis on full disclosure of the risks for parties who are not represented in a transaction.
A copy of the proposed Rules is available at the following link: CLICK HERE.
The proposed Rules would come into force on January 15, 2018.
Update:
BCREA has sent a letter to Finance Minister Carole James, which included a one-page overview of BCREA’s recent survey results outlining consumers’ preference to choose their own Realtor.