Assignment form procedure change coming

The Real Estate Council of BC will amend their Rules on June 21, 2016, to:

  • require licensees to submit to their managing broker copies of each Notice of Seller Regarding Assignment Terms form provided to a seller for all offers that pertain to assignments, whether accepted or not, and
  • require brokers to retain copies of these notices effective July 1, 2016.

All licensees should immediately begin to provide their managing brokers with a copy of each notice provided to a seller. Brokers are advised to immediately begin saving copies of these notices in their archives. It is in the best interests of licensees and brokerages to follow this protocol, as keeping records of the notices will assist them in proving their compliance with the new requirements regarding Standard Assignment Terms, should any concerns arise.

Click here for an FAQ on Contract Assignment Requirements, including a section on how to use the new Notice to Seller Regarding Assignment Terms form.

If you have feedback for Council, please click here. The deadline for comments is June 18.