Home Buying Guide: Working with a Realtor
|Why use a Realtor?|
Is it necessary to buy a house through a Realtor? Although you are not legally required to, why would you undertake such an important purchase without the help of an expert? The Realtor's expert knowledge of the neighbourhood, future development plans, taxes, zoning, transportation, schools and community services will help you select the property that meets your needs. Your Realtor will also advise you on financing options and recommend other professionals needed to complete the sale. You will be dealing with sellers and their agents, so you want to make sure you have someone who will represent and promote your interests.
As a buyer, your Realtor will:
- Help you determine the type of property you need and can afford.
- Help you find available properties and make appointments to view them.
- Advise you about market conditions and provide information about the community.
- Explain the forms used in a real estate transaction and help you prepare an offer to purchase.
- Present your offer to the seller and negotiate on your behalf.
- Recommend other professionals, such as a certified home inspector or lawyer/notary.
- Help you understand agency relationships.
Council Announces New Forms, Resources, Education
The Real Estate Council is pleased to announce the launch of our new Licensee Knowledge Base – a one-stop shop with information and resources for real estate professionals on agency and disclosure rules coming into effect on June 15, 2018.
New Disclosure Forms
Using the Knowledge Base, you can access four new mandatory disclosure forms effective June 15, 2018, along with guides for their use. These disclosure forms are being made available in advance of the effective date of the Rules for informational purposes only and are marked “Not in Effect”. They should not be used until June 15, 2018.
- Disclosure of Representation in Trading Services, and Guide
- Disclosure to Sellers of Expected Remuneration, and Guide
- Disclosure of Risks to Unrepresented Parties, and Guide
- Disclosure of Risks Associated with Dual Agency, and Guide
These new disclosure forms are designed with consumers in mind – presenting information clearly and in plain language, to help consumers make informed choices. They include checklists for consumers and licensees to complete in order to confirm that key points have been covered, and that consumers have had an opportunity to review the material and to ask any questions they may have. In the weeks ahead, check the Disclosure and Forms section of the Licensee Knowledge Base as we continue to add information about these forms and guidance for using them with consumers.
Education on Agency and Disclosures
Visit the Knowledge Base for information about the online Agency and Disclosure course developed in collaboration with the UBC Sauder School of Business. This new course is intended to increase licensee awareness and exposure about the recent changes to the Rules under the Real Estate Services Act. The course will reinforce fundamental principles of real estate practice and provide licensees with tools to understand how to incorporate new disclosure requirements into their daily interactions with consumers.
Look for a separate announcement with registration details in the coming days. Managing brokers will be given the first opportunity to register for the course.
Resources for Managing Brokers
The Knowledge Base includes a section addressing the information needs of managing brokers, called the ‘Managing Broker Toolkit’. This includes information about records management, preparing licensees for change, and links to the Professional Matters webinar series for Managing Brokers.
About the Knowledge Base
The Knowledge Base is host to a library of articles, guides, FAQs and video and audio content designed to help you understand and comply with the changes to agency and disclosure rules. It is also fully compatible with mobile devices, making it easy to navigate on a wide range of web browsers and portable devices, so you can find answers to your questions easily, no matter what device you’re using.
We will continue to expand the Knowledge Base to deliver relevant, practical information that helps you meet your regulatory requirements. We will continue to communicate regularly through our weekly Real Advice e-news and Report from Council.
We encourage you to visit and explore the Knowledge Base to discover the information you need in order to stay current with changes.