Dual Agency in Whistler is Banned
The Superintendent of Real Estate for BC, has banned dual agency in Whistler effective June 15, 2018. This is good, ethical practice for the buyer, the seller and the real estate agent. I may be one of the few agents in Whistler who think this is good practice, possibly because I represent more buyers than I list properties. Regardless, I have a strong obligation to serve my clients real estate needs before, during and after the transaction. The transaction should be all about you. The transaction should not be about the realtor, or the team double-ending the commission.
Specifically, the new rules will prohibit the practice of limited dual agency. The move to single agency is a significant change from the practice over the years when Realtors could represent both sellers and buyers in a transaction. BC is the first Canadian province to implement rules that require Realtors to act only for one party.
This new ruling also means that listing agents won’t be able to bring their own buyers to their listing. The listing agent must choose who to represent, the buyer or the seller, or neither. It is such a serious ruling, that the listing agent can provide a fact sheet, but when the licensee receives or solicits confidential information from the buyer then the listing agent must now ask the buyer to sign a Disclosure of Representation of Trading Services Form. The form clearly states, that an agent can only represent one client. Without the form being explained and signed by both the agent and the potential buyer, the agent is at serious risk of a massive fine, $250,000, and a legal hassle.
In addition, the Real Estate Council of BC has banned any team member or any agent who is related, from acting as a referral agent in the transaction. That way, the listing agent will need to refer the buyer to another realtor or help the buyer as an unrepresented party, which is a recipe for disaster.
Courtesy of the Real Estate Council of BC (RECBC)
RECBC has provided the following information on the “Disclosure of Risks Associated with the Dual Agency” document:
“When a licensed real estate professional represents two parties with competing interests in a real estate transaction, it is known as ‘dual agency’. Some examples of dual agency are when one real estate professional represents 1) both the buyer and the seller and 2) two separate buyers who each hope to purchase the same property”
Dual Agency is not Relevant in Whistler
In Whistler, BC, dual agency is not an option. Other remote parts of BC may have the option of a dual agency situation. However, I am not going to go into that on this post since it is not relevant to those who are considering Whistler ski-in ski-out real estate.
Click the link for more FAQ on Whistler real estate which will help you understand the intricacies of buying real estate in Whistler. If you are not working with a real estate agent, please contact me anytime. I am here to help you.
Personal Real Estate Corporation
Sutton Group – West Coast Realty
203-1080 Millar Creek Road, Whistler, BC V0N 1B1