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

June 2021 Whistler Real Estate Market Update

Video thumbnail for youtube video June 2021

The June 2021 Whistler real estate market update did not see much change from the previous months, which is no surprise. However, the interesting statistic for May was the 18% increase in new listings, yet only 4% increase in sales. The lack of pace with sales keeping up with new listings is of interest, and if you want to explore these statistics further, please click through to the Market Update page on this site.

June 2021 Forecast

In the June 2021 video, I commented on the decrease in townhome sales, and speculated as to the reason. For the last 12 months the frenzied market, and low interest rates have resulted in multiple offer situations. However, that situation is not showing any signs of easing. Unfortunately, even if there is only one other competing bid, the buyer is forced to increase their budget if they want to own a piece of Whistler.

Segments

There are three segments in the type of market: 1) detached houses; 2) townhomes; and 3) condominiums. Although there is a a far greater breakdown of statistics on the Market Update page, the following image gives us a snapshot of the market. For more details check out the Market Update page on this site.

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

May 2021 Whistler Real Estate Market Update

May 2021 whistler market update for video thumbnail

This monthly post reports on the Whistler real estate market in May with statistics taken in April, 2021. The statistics are courtesy of the Real Estate Board of Greater Vancouver (REBGV) as Whistler is a member. That said, not a lot of change over the last month’s report. However, it is important to have a look at the supply and demand numbers of each segment and to see which segment is driving the market.

May 2021 Market Segment Statistics

There are three segments featured in the statistics: 1) detached houses; 2) townhomes; and 3) condominiums. In order to understand these more, The REBGV provides a statistics on each of these segments. To view, please click the link for the Market Update page on this site. The advantage of reviewing the segment statistics is you can focus on one segment. In essence, this approach will increase your knowledge in the segment of interest.

Ski-in Ski-out Market

If you are not ready to buy real estate, but you are planning on buying in the future, now is a great time to look at real estate sale and ask yourself which segment is selling faster. Then, dig deeper and discover what location is selling with multiple offers. This might be the time to start a spreadsheet of the properties you are considering. All of this information will start to build a picture for you of what property is the best investment for your family. Buying is a process. When you get invested in it early, with the right Whistler realtor, you will build a solid foundation of knowledge, which will benefit you in the long run.

If you are not working with a realtor, please give me a call. I would be happy to discuss the Whistler market with 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