In 2016, an Independent Advisory Group of experts looked at ways to improve the practice and regulation of real estate in BC. The group recommended that consumers should get clear information, early on in their relationship with a real estate professional, about the duties real estate professionals owe to clients. Having this information helps consumers make good decisions in real estate transactions.
Based on the Independent Advisory Group recommendations, a number of mandatory disclosures were introduced in 2018. Real estate professionals are now required to provide disclosure forms to consumers to ensure clarity and accountability.
The disclosures include:
- The Disclosure of Representation in Trading Services
- The Disclosure of Risks to Unrepresented Parties
- The Disclosure to Sellers of Expected Remuneration
Strong consumer protection continues to be a mandate of the Real Estate Council of BC. In 2019, updates to the existing disclosure forms have been made in response to public and industry feedback and recommendations. A new streamlined Disclosure for Residential Tenancies form and updated educational materials have also been released to simplify the disclosure process for potential tenants of residential rental properties and to ensure that real estate professionals are well-informed and up to date on the consumer disclosure process.
Watch Erin Seely, CEO of RECBC address real estate professionals on the importance of making the mandatory disclosures and consumer protection.