Mandatory Disclosure

Real estate professionals in BC must make disclosures to consumers about the services they can provide. This helps to ensure clarity and accountability.

Two men shaking hands of third man

 In 2016, an Independent Advisory Group of experts looked at ways to improve the practice and regulation of real estate in BC. The group recommended that consumers should get clear information early on in their relationship with a real estate professional, about the duties real estate professionals owe to clients. Having this information helps consumers make good decisions in real estate transactions.Based on the Independent Advisory Group recommendations, a number of mandatory disclosures were introduced in 2018. Real estate professionals are now required to provide disclosure forms to consumers to ensure clarity and accountability.

Mandatory Disclosures

Disclosure of Representation in Trading Services

Explains the different relationships consumers can have with a real estate professional to buy, sell or lease property.

download
Disclosure of Risks to Unrepresented Parties

Explains the risks of working with a real estate professional who is already representing a client in the same transaction.

download
Disclosure to Sellers of Expected Remuneration

A real estate professional is required to give consumers this form when presenting an offer to purchase.

download
Disclosure for Residential Tenancies

Explains the role of a real estate professional when you are considering renting a property

download

Strong consumer protection continues to be a mandate of the Real Estate Council of BC. In 2019, updates to the existing disclosure forms have been made in response to public and industry feedback and recommendations. A new streamlined Disclosure for Residential Tenancies form and updated educational materials have also been released to simplify the disclosure process for potential tenants of residential rental properties and to ensure that real estate professionals are well-informed and up to date on the consumer disclosure process.

Watch Erin Seely, CEO of RECBC address real estate professionals on the importance of making the mandatory disclosures and consumer protection.