Did you know that real estate professionals in British Columbia have a regulatory requirement to present you with the below details before providing you with real estate services?
You can work with a real estate professional in one of the following ways:
AS A CLIENT
If you are the client of a real estate professional, they work on your behalf. The real estate professional representing you has special legal duties to you, including:
• Loyalty. They will act only in your best interests.
• Full disclosure. They must tell you everything
they know that might influence your decision in a
transaction.
• Avoid conflicts of interest. They must avoid any
situation that would affect their duty to act in your
best interests.
• Confidentiality. They must not reveal your private
information without your permission, even after your
relationship ends. That includes:
• your reasons for buying, selling or leasing
• your minimum/maximum price
• any preferred terms and conditions you may
want to include in a contract
When you become a client, you may be asked to sign a written agreement setting out your and the real estate professional’s responsibilities.
AS A NON-CLIENT
A real estate professional who is not representing you
as a client does not owe you special legal duties:
• No loyalty. They may be representing a client with
competing interests to yours in a transaction. They
must be loyal to their client, not you.
• No duty of full disclosure. They do not have a duty
to give you all relevant information.
• No duty to avoid conflicts. They are not acting in
your interests.
• No confidentiality. They must share any information
you tell them with their clients in a transaction.
As a non-client, a real estate professional may give you only limited services. If you are thinking of working as a non-client, I recommend you obtain legal advice.
Remember, whenever a real estate professional works with
you in a real estate transaction, whether you are their client or not, they have a responsibility to act honestly and with reasonable care and skill.
Learn more details on the British Columbia Financial Services Authority site here
Do you want a complete copy of the brochure ‘Your Relationship with a real estate professional’ so you have all the details? Send me a quick message here
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Get access to up to date market information before it goes public if you are thinking of buying or selling real estate in British Columbia today by contacting me here.
I hope you choose to work with me but if you don’t I wish you the very best real estate success.
David
David Hennessey
REALTOR®
eXp Realty
604 626 8903