In 2018, the Disclosure of Representation in Trading Services form was made necessary for real estate professionals as part of the Real Estate Services Act’s Real Estate Rules.
Consumers must be informed about whether or not a real estate agent will represent them as a client and what obligations they have to clients and non-clients. When a customer becomes a real estate agent’s client, the agent is obligated to act in their best interests. On the other hand, customers may deal with real estate agents without becoming clients and they will get restricted services and must be aware of the dangers of being non-clients (also known as unrepresented parties).
In British Columbia, licensed real estate professionals must provide customers with information about the services they anticipate, the risks of going it alone in a real estate transaction, and commissions. Real estate professionals assist and ensure that customers have the information to make wise choices in a real estate transaction by providing these disclosures. It’s just one of the ways that real estate agents in British Columbia maintain professional standards by adhering to laws and regulations meant to safeguard customers.
The central concept behind Disclosure of Representation in Trading Services (DORTS) is to notify a realtor’s clients about their rights in the relationship and the obligations and responsibilities the realtor owes them.
Conflicts of interest should be avoided at all costs; any scenario that interferes with their obligation to act in your best interests should be avoided. In addition, they must fully disclose any information they have that might influence your choices. They are obligated to keep your information confidential until you permit them to do so.
As a client, you have many options in BC. Licensed Realtors work via “brokerages” to deliver their services. When you become a real estate agent client, the agreement you sign is with their brokerage. All of the firm’s Realtors represent you as a brokerage agency. Accordingly, all are subject to the same legal obligations as those listed above.
Only your selected realtor acts as your designated agent. Without your agreement, they may not disclose your private information to other brokerage agents. Confirmation of Disclosure A Realtor must give you the DORTS form before providing any trading services. This statement is accurate not just for residential properties; it must also be provided to people working with a real estate professional to rent or lease property, as well as those involved in commercial real estate transactions.
After reading the DORTS document, sign the form to acknowledge that you have received this consumer protection information. Your agent must sign and submit the disclosure form to their brokerage. In the case you decide that you don’t need a realtor after reading the DORTS paper, they may provide you with the Disclosure of Risks to Unrepresented Parties form.