Disclosure of Representation in Trading Services

Ski in Trail to Whistler Mountain at Creekside

This post is about Representation and the benefit of signing the Disclosure of Representation in Trading Services (DORTS) form. In summary, by signing the DORTS form, you are binding the real estate agent to honour four legal obligations:

  1. Loyalty
  2. Avoid conflicts of interest
  3. Fully disclose any relevant information
  4. Protect your confidentiality (indefinitely)

When Is the DORTS Form Signed?

The discussion about Representation includes the explanation of the DORTS form. The British Columbia Financial Services Authority (BCFSA) expect this discussion to happen at the beginning of the relationship, and basically with the first communication. Reason being: you should understand the agency relationship you are about to enter into. The timing also reminds the Realtor of their fiduciary obligation to you.

Seller and Listing Agent Representation

There is little merit in calling the listing agent as the agent can only tell you what is already on the data sheet. The listing agent is duty bound not to give out any more information. That agent represents the Seller who have both signed the DORTS form. Any personal information about yourself or your real estate needs could be valuable information for a listing agent, should you write an offer. Gone are the days of calling the listing realtor for the inside scoop, who was eager to oblige with the potential of representing both the seller and the buyer in a Dual Agency arrangement. Now, that conversation can lead to implied agency, and a world of pain for the listing realtor.

Dual Agency Banned in Whistler

In June 2018, The Real Estate Council of British Columbia (RECBC) banned Dual Agency in Whistler. What does this mean for you, the Buyer? Well, it means that the listing agent can only represent the Seller, and a different agent will represent you, the Buyer. The intent of the RECBC was to provide fair representation for both parties during the negotiations and throughout the transaction.

The (RECBC) were very serious about this form. Each real estate agent is expected to email every signed copy of the DORTS to their Broker. The Broker then keeps it on file, for future audits. There are massive fines to the real estate agent and their broker by not following this ruling. The fines can be $250,000. Needless to say, that is a game changer for most realtors. 

BC Financial Services Authority (BCFSA)

On August 1, 2021, The RECBC and the Office of the Superintendent of Real Estate merged to create The BC Financial Services Authority (BCFSA). The BCFSA became the single regulator for BC financial services, including real estate. In essence, any other configuration of the one agent per party rule, is not tolerated by the BCFSA.

DORTS Form

In summary, this is not a binding document which ties you to your agent. It actually binds the agent to you legally, and to honour the four duties mentioned above. The following link is a PDF version of DORTS

page 1 Disclosure of Representation in Trading Services Form DORTS

page 2 Disclosure of Representation in Trading Services Form DORTS

page 1 Disclosure of Representation in Trading Services Form DORTS

page 2 Disclosure of Representation in Trading Services Form DORTS

I am the type of real estate agent who works hard to follow the rules. The benefit of that is no repercussions for you, or for me after the completion of the transaction. That is one of my goals for a successful transaction.

If you think I would be a good fit to work with you and your family, and you are not already working with a Whistler realtor, please contact me. I look forward to hearing from you.

It’s a Good Life in Whistler!

Marion

Marion Anderson Personal Real Estate Corporation

(604)938-3885

manderson@sutton.com

Sutton Group – West Coast Realty, #203, 1080 Millar Creek Road, Whistler, BC V8E 0S7

October 2021 Whistler Market Update Video in under 99 Seconds

The October 2021 Whistler Market Update in under 99 Seconds video has been compiled for your convenience. Stay informed on the Whistler Market Update in less than 99 seconds. It’s only 82 seconds this month! Now who can’t spare 82 seconds when considering a property purchase in Whistler.

October 2021 Statistics by Market Segment

The Market Update page on this site has the monthly breakdown of statistics provided by the Real Estate Board of Greater Vancouver REBGV. These statistics show you the change in the number of sales, new listings and total inventory.

If you have any questions about the monthly statistics, and you are not already working with a Whistler real estate agent, please contact me.

It’s a Good Life in Whistler!

Marion

Marion Anderson Personal Real Estate Corporation

(604)938-3885

manderson@sutton.com

Sutton Group – West Coast Realty, #203, 1080 Millar Creek Road, Whistler, BC V8E 0S7

August 2021 Whistler Real Estate Market Update: Video

The August 2021 update for the Whistler Real Estate market video update features sales and listings. The number of sales last month compared to the number of listings available for sale resulted in a record sales to active listings ratio. At 54% Whistler has never been in a stronger sellers market than it was last month. Before August 2021 the last time the sales to active listing ratio was over 50% was in March 2021 and before that, October 2016.

August 2021 Sales to Active Listings By Segment

Have a look at the image of the Sales to Active Listings by segment graph below. You can see what has happened in the detached house, the townhome and the condo market in Whistler. The interpretation is that demand has out-stripped the supply which has driven each segment into a strong seller’s market.

Market Forecast 2021

Where does all of this end? I don’t know the answer to that. However, I do know that Buyers are purchasing what is available in all segments. Possibly having realized that what they want is not available, and with every comparable sale, their dream property becomes more expensive. Every time a sale happens the next listing comes to market at a price far greater than the last sale. The result can be detrimental to the mortgage you were approved for and your goal of owning in Whistler.

For more information on Whistler Real Estate sale and listings check out the Market Update page on this site.

If you think I would be a good fit to work with you and your family, and you are not already working with a Whistler real estate agent, please contact me. I look forward to hearing from you.

It’s a Good Life in Whistler!

Marion

Marion Anderson Personal Real Estate Corporation

(604)938-3885

manderson@sutton.com

Sutton Group – West Coast Realty, #203, 1080 Millar Creek Road, Whistler, BC V8E 0S7