Agency Disclosure

Agency Disclosure

On January 1, 1995, Agency Disclosure became a feature of the British Columbia Real Estate Services Act. Up to this point in time, the selling agent for a listed property was considered a subagent of the vendor. This meant that the purchaser's interests were unrepresented in a property transaction.

Since January 1, 1995, this problem has been addressed through Agency Disclosure. The listing agent for a property works for the seller. The selling agent, working with the buyer, represents that buyer's interests. This means that the selling agent can work to negotiate the best purchase price for his or her buyer.

A real estate agent may be either a seller's or a buyer's agent -- all that is necessary is that the agency chosen be disclosed to all parties to the property transaction, so that it is always clear "who is working for whom".

Contact Li Read at RE/MAX Salt Spring, 131 Lower Ganges Road, Salt Spring Island, BC, V8K 2T2, Toll-Free 1-800-731-7131