British Columbia Finance Minister Michael de Jong recently announced new regulations that will help real estate consumers make informed decisions about contract assignments before accepting an offer on their home.
The Real Estate Council of British Columbia is launching several initiatives to help keep consumers well-informed about the changes, and to ensure that real estate licensees act in compliance with the new requirements.
“These new regulations are designed to empower real estate consumers to make informed decisions in their own best interests,” said Marylou Leslie, Council Chair, in a press release. “As the regulatory body responsible for administering the Real Estate Services Act, we will be working on many fronts to make sure the requirements are well understood, that licensees comply with their new obligations, and that comprehensive monitoring and enforcement programs are put into place.”
The following actions were taken immediately upon the announcement and will continue over the next several weeks by the Council: alerting all real estate licensees across the province about their obligations under the new regulations; developing online information and educational materials for licensees and managing brokers on their obligations; developing a standard disclosure form that all licensees must use to notify sellers who receive offers that do not include the new default assignment terms; drafting new Council Rules based on the regulations that require licensees to submit these notification forms to their managing broker and require brokerages to retain the forms; and incorporating a review of the new notification requirements into its brokerage inspection program to ensure that licensees and brokerages are complying with the regulations and Council Rules.
Additionally, the Council will initiate a consumer outreach program to explain the new regulations to the public, which will help keep them informed and protected.