The New Rules: Disclosure of Representation

This form came to play along with some fundamental rule changes in the real estate industry in June 2018. It is not a contract and there are no commitments involved.

While it can be intimidating to be asked to sign anything, this is simply a form confirming your acknowledgement, in writing, of your understanding of how a Realtor operates. It outlines a Realtor’s responsibilities and duties owed to the general public (you).

Before we can provide any Trading Services to you, you’ll need to sign this.

• Know your Options

  Most importantly, it contains clarification on what it means to be

  • Represented or

  • Unrepresented

in a transaction. It goes on further to explain the benefits of choosing to being Represented. It allows a Realtor to give you industry related advice, protection by our legislation and the professional oversight of the Real Estate Council. It goes on to outline our duty of care owed to you and what to expect from your chosen Realtor. You should determine from the above, how the Real Estate Council has decided to eliminate “double enders” (Realtors representing both a Buyer and Seller in the same transaction). The Listing Realtor will be representing the Seller’s best (competing) interests above yours. Because of this, you must either come with an offer as an Unrepresented Party (no advice, protection or coverage), or have a Buyer’s Realtor taking care of your best interest.

• Designated Agency

  Your Realtor that you have selected to represent you, will owe you the legal duties explained on the form. This Realtor is not allowed to share any of your confidential information with anyone else at their brokerage (without your permission) and will always be obligated to act in your best interest alone.

Never before has it been more obviously beneficial to enter in a designated agency relationship with one Realtor. Instead of sign calling, randomly and inefficiently pursuing Realtor.ca or other search services, and showing your cards to any Realtor you come into contact with, it’s time to create a loyal relationship with an experienced Buyer’s Realtor. This person will introduce you to available listings on the market, immediately inform you of price reductions, tell you everything they know about the property and the sale comparables, develop individual market analysis’ for you, and advise you on known or suspected issues.

Signing this form does not commit you to the Realtor that sends it to you. It is simply a first step in a conversation with a local Realtor.

Happy house hunting!