Media Release: New Contract Assignment Rules

New Contract Assignment Rules to Help Consumers Make Informed Decisions

Vancouver, BC — May 10, 2016.New regulations announced today by Finance Minister Michael de Jong will help real estate consumers make informed decisions about contract assignments before accepting an offer on their property. The Real Estate Council of BC is undertaking a number of initiatives to ensure consumers are well informed about the changes, and 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” says Council Chair Marylou Leslie. “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.”

Beginning immediately, and extending over the next several weeks, the Council will:

• alert all real estate licensees across the province about their obligations under the new regulations;
• develop online information for licensees and managing brokers on their obligations, including an online FAQ, professional standards guidelines, and other educational materials;
• develop a standard disclosure form that all licensees must use to notify sellers who receive offers that do not contain the new default assignment terms;
• draft new Council Rules, based on the regulations, that will require licensees to submit these notification forms to their managing broker, and require brokerages to retain the forms; and
• incorporate review of the new notification requirements into its brokerage inspection program to ensure that licensees and brokerages are complying with the regulation and Council Rules.

In addition, the Council will be initiating a consumer outreach program to help explain the new requirements to members of the public, because informed consumers are protected consumers.

The Council is committed to keeping consumers, licensees, and government informed about these efforts. Check our website at www.recbc.ca for frequent updates on new developments with respect to contract assignment requirements.

Any consumers with concerns about the conduct of a real estate licensee should contact the Council at 604-683-9664, 1-877-683-9664, or by email at [email protected].

About the Council

The Real Estate Council is a regulatory agency established by the provincial government. Its mandate is to protect the public by enforcing the licensing and licensee conduct requirements of the Real Estate Services Act. The Council is responsible for licensing individuals and brokerages engaged in real estate sales, rental property and strata management. The Council investigates complaints against licensees and imposes disciplinary sanctions under the Act.

For more information, please contact:

Marilee Peters, Communications Officer

Real Estate Council of British Columbia

T: 604-683-9664, Toll-Free 1-877-683-9664

Email: [email protected]