Why it Benefits You to Sign the Disclosure of Representation in Trading Services Form
In summary, by signing the Disclosure of Representation in Trading Services Form you are binding the agent you have chosen, to honour four legal duties. These duties are: 1)Loyalty, 2)Avoid conflicts of interest, 3)Fully disclose any relevant information, and 4) Protect your confidentiality (indefinitely).
The Real Estate Council of BC is very serious about this form. To the point where the agent has to email each signed copy 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.
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.
Real Estate Board of Greater Vancouver
Please click the following link to view the entire Disclosure of Representation in Trading Services Form. The following is an excerpt which is taken directly from the form.
Another excellent resource is refer to the Real Estate Council of BC’s website at www.recbc.ca.