Buyers options for representation
One of Jas Giddha’s core values is Integrity which is why this section provides transparent information about types of real estate representation for possible customers, allowing them to make an informed decision. According to BC law, you as the consumer have the option of two types of relationships with a Realtor.
1. Client – exclusive representation means the Realtor provide you with undivided loyalty, confidentiality, security
2. Unrepresented Party – the Realtor is not working on your behalf as a representative but does provide information and assists with getting the transaction completed
The most common way to work together is in a Client relationship. This is where you can expect undivided loyalty from your Realtor who is acting in an “agency” capacity. They are obligated to protect your confidentiality, avoid conflicts of interest, obey all lawful instructions, to exercise reasonable skill and care when performing all assigned duties, and account for all money and property placed in their care. Please refer to the document called “Know your options as a real estate consumer” for more information https://www.recbc.ca/pdf/forms/Disclosure-of-Representation-in-Trading-Services.pdf
If you instead decide to be an Unrepresented Party, your Realtor will review with you a “Unrepresented in a Real Estate Transaction? Know the Risks” form. For example, if you are an unrepresented party, the Realtor cannot act as your advocate or provide advice. They can however be a source of general information and a facilitator. While you aren’t required to have a Realtor represent you in a real estate transaction, the expert advice, protection, and oversight that comes with being the client of a real estate professional can be very helpful. Please refer to the document in the link below called “Unrepresented in a Real Estate Transaction? Know the Risks”, which provides additional context, so you know exactly what to expect. https://www.recbc.ca/pdf/forms/Disclosure-of-Risks-to-Unrepresented-Parties.pdf
If, as a buyer, you find yourself in a situation where your Realtor has listed a property that you wish to make an offer on, there is a conflict of interest. Under law, your Realtor cannot represent both parties in the same transaction. A document called “Conflicts of Interest: Understanding Your Options” will be explained by your Realtor. It includes a form that you must sign, to acknowledge your understanding of what happens next, either as a continuing client or a released client. https://www.recbc.ca/pdf/forms/Agreement-Regarding-Conflict-of-Interest-Between-Clients.pdf
In remote locations that are under-served by real estate professionals and where it is impracticable, if not impossible, for the parties to have their own real estate agents, Dual Agency may be the only option. In this case, your Realtor must provide you with a document called “Understanding the Risks of Dual Agency”. https://www.recbc.ca/pdf/forms/Disclosure-of-Risks-Associated-with-Dual-Agency.pdf
Finally, your Realtor will review with you and ask you to complete a form called “Privacy Notice and Consent”, which explains how your personal information is collected and disclosed.