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

Sleeve and Exclusive Listings of Whistler Real Estate

What is the difference between a sleeve listing and an exclusive listing? These two terms get bandied around quite a bit, and usually with a lot of authority. Let’s explore the difference.

Which Came First the Sleeve Listing or the Exclusive Listing?

There are some owners who want to sell their property; however, they may not want the hassle of preparing the property to list on the MLS. In addition, some property owners just don’t want neighbours, family or friends to know their business. Therefore, telling their realtor to bring an offer covers these bases. The moment the owner mentions this to their realtor, the realtor will refer to this property as his sleeve listing. At this stage no documentation has been signed, it is all verbal. Therefore, the sleeve listing comes before the exclusive listing.

When Does a Sleeve Listing Become an Exclusive Listing?

The BC Government banned dual agency in June 2018; this ban included Whistler. In fact, within the majority of BC, the agent with knowledge of the sleeve listing has two options. Firstly, he can try and find a buyer who is willing to be unrepresented. This is a complex route and one not many experienced agents would now attempt. Secondly, he can contact his trustworthy colleague and inform her of his sleeve listing. This would be done with the hopes or the knowledge that the colleague has buyers who are seriously looking to purchase. Let’s look further at this second option.

Exclusive Listings From the Buyer’s Perspective

Pursuing an exclusive listing arises because a buyer narrows down the location of where they want to own in Whistler. When a client makes this decision, the buyer and their Whistler realtor should take a bow, as it is not easy to get to this stage. By focusing on a ski-in/out niche, I am more than halfway there with my clients. This is where my relationship with other realtors come into play. By representing a ski-in ski-out niche, it is pretty much understood by my colleagues that there is a good chance at all times, I have someone looking for a ski-in ski-out property. In addition, I am constantly asking other agents if they know of any sleeve listings in the ski-in ski-out areas/developments in Whistler.

The Next Step

When I have a client looking for a property that is not listed, a Buyer’s Agency Agreement is the next step to search for a sleeve listing. Please note – another way to refer to a sleeve listing is by calling it an unlisted property. This form covers the purpose of the agreement and the agent’s compensation. More importantly, it is an essential document as it proves that the buyer is seriously looking to purchase Whistler real estate. As a buyer’s agent, I have more clout by telling a realtor that my client has already signed a Buyer’s Agency Agreement and they will cover my compensation. In other words, it speaks volumes about the credibility of the buyer.

Final Step

At this point the buyer’s agent prepares the offer. In the meantime, the other agent has contacted the seller who owns the sleeve listing and tells them that in order to bring in this offer, an Exclusive Listing Agreement (ELA) will need to be signed. Once the ELA has been signed, the Sleeve listing is now an Exclusive Listing and there is a contractual agreement between the owner of the property and the agent who will be representing them.

If you are not already working with a Whistler realtor, and you have any questions, 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

Buying Whistler Real Estate as a Non-Resident of Canada

Every year or so I receive the latest news for non-residents buying in Whistler. It also covers selling a Whistler property. This information is supplied by Don Nisho, of Manning Elliott, Vancouver. It is a must read for any non-resident as the information is valuable to set the tone of what to expect. There is not much to this post, as the information is all linked to the Manning Elliott documents. I have taken the liberty to cross of what does not apply in Whistler. Wait ’til you see the taxes that non-residents pay to buy in Vancouver versus Whistler, yikes!

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