July 10, 2018 The Revised Rules for Pre-Sale Disclosure These policies provide guidelines for how agents should interact with consumers purchasing a re-sale home, but also have adjusted timing of protocols for consumers purchasing pre-sale homes.
On June 15th, the Real Estate Council of British Columbia revised existing disclosure requirements with the intention of enhancing consumer transparency in the real estate industry. These rules exist to ensure that consumers are well-equipped with information they need to make informed decisions, as well as ensuring that real estate professionals are acting with integrity.
These policies provide guidelines for how agents should interact with consumers purchasing a re-sale home, but also have adjusted timing of protocols for consumers purchasing pre-sale homes. There are a few varying scenarios of how these changes will be felt when you visit a project’s presentation centre.
VISITING A PRESENTATION CENTRE WITHOUT YOUR REALTOR
If you have a realtor who represents you but decide to visit a presentation centre without him or her, you will be provided disclosure early in the interaction with the sales person. There will be a real estate council form Disclosure of Representation in Trading Services explained to you that shares how the project’s sales team works on behalf of the developer, and confirms you are being represented by your realtor. After this step is complete, the sales team would then be able to provide you the best possible service to ensure you receive details about the project to find a home that best suits your needs.
VISITING A PRESENTATION CENTRE WITHOUT REPRESENTATION
If you visit a presentation centre and have decided to not use a realtor, the sales team will be required to explain two forms to you – the Disclosure of Representation in Trading Services and Disclosure of Risks to Unrepresented Parties which outlines the liabilities of being unrepresented in a real estate transaction. Then the project representative will be able to gather personalized information and proceed with showing guests the display home and building features.
VISITING A PRESENTATION CENTRE WITH YOUR REALTOR
If you visit a presentation centre with your relator, you will not experience these steps of disclosure. The sales team and your realtor will be able to assist you through the preview of the exciting new development.
While project sales team members have always represented the developer, if you visit a presentation centre unaccompanied by a realtor you’ll be offered disclosure earlier in the process which makes this relationship clear to all parties involved. Though the timing of the process may have shifted slightly, the goal remains the same – to ensure you and your family find the home of your dreams.