Real Estate Legislation

On January 1, 2005, the Real Estate Services Act and Real Estate Development Marketing Act were brought into force. These statutes replace Parts 1 and 2 of the former Real Estate Act.

The following are links to the legislation:

• Real Estate Services Act
• Real Estate Services Regulation
• Council Rules
• Council Bylaws
• Licensing Fees and Assessments Bylaw
• Real Estate Development Marketing Act
• Real Estate Development Marketing Regulation
  

Why Your REALTOR Is So Important In Your Home Buying Process

There are many reasons to choose a REALTOR and these are just some of the things you need to know about Realtors and what they do for their clients.

What will a REALTOR cost me?

In over 99% of my transactions, the seller paid for my commission.  The commission is set out by the seller and shared by the two agents involved in a deal.  Almost half of the commission goes to the listing agent and the other half goes to the buyer’s agent.  

There is no cost to you as a buyer when you sign an exclusive buyer’s agreement with me.  The 1% happened to be where the property was not listed and it was a “for sale by owner”. In this case, the buyers I represented paid for my services.

What will a REALTOR do for me?

A REALTOR performs many tasks for you and will do a lot of things "behind the scenes" that you wouldn't even know he or she is doing on your behalf.  Your REALTOR will work for you in the most efficient and effective way to get you the best results.  When you are buying a property, one of the first things that your REALTOR will help you get is a pre-approval with a mortgage broker to determine your buying power or rather, to determine how much the banks will lend you.  

After this process, your REALTOR will get a better sense of how much you can afford and will meet with you at your convenience to talk about what you are looking for in a home.  Your “desires” and “needs” list are determined.

Your REALTOR will send you some information on potential properties in your price range, by e-mail or fax.  After which, you will determine which properties you would like to see at a convenient time for you. While on a "tour" of properties, your REALTOR will help you go through each property. You will see many properties with your REALTOR, either by way of an open house on the week-end, agent's tour or appointment.  

If you are interested in writing an offer to purchase, your REALTOR will help you with the contract and will write the contract to protect your interests at all times.  

Your REALTOR will provide you with a CMA, a comparative market analysis to determine the price of the property and will help to negotiate the best possible price. A CMA is research on properties in the area that can be compared to the subject property.  This research or report will show you what other similar properties have sold for in recent months, which listings have expired, and which properties are on the market.

Your REALTOR will help you remove condition precedents and coordinate with your mortgage broker or financial institution's loan officer, legal professionals and home inspectors, appraisers, and other professionals.

On and before possession, your REALTOR will obtain keys and do a walk through with you of the property you have purchased to make sure that your move in is smooth and stress free.
 

Can I negotiate on my own? 

The negotiation process is one that is learned through experience and education.  It is especially difficult when purchasing real estate. The purchase of real estate is one of the most expensive investment a person can make in his or her lifetime. You wouldn't want to risk it by trying to negotiate on your own. It is always better to use a third party to negotiate on your behalf.  Though buyers want to get the lowest price and negotiate for the lowest price, buyers also know that this price is determined on whether the sellers will agree to the offer on the contract.  Sometimes, body language or differing voice tones can be completely misinterpreted and not intended.  Therefore it is important to have someone to negotiate on your behalf.

How do I know that REALTORS will behave ethically?

REALTORS are bound by a strict code of ethics, covering confidentiality, privacy, competence and truth in advertising. If you believe that your REALTOR behaved inappropriately or was unethical, you may want to take this up with the Real Estate Council of BC.  Their website is www.recbc.ca.  The Real Estate Council of British Columbia (RECBC) is a regulatory agency established by the provincial government in 1958.  Its mandate is to protect the public interest 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 and strata property management.  The Council also enforces entry qualifications, investigates complaints against licensees and imposes disciplinary sanctions under the Act.


Why I Would Choose a Realtor? 

I would choose a REALTOR in the same way that I would choose any other professional, a dentist, a doctor, a lawyer, an appraiser, a surveyor, a notary public. Most of us, if given the time and energy, are able to do some research and get the information needed to accomplish their goals.

I can probably use a hammer and nail down some boards together, I can probably install a fence (maybe)...l.  Would I attempt to build my own house?  Would I attempt to write my own will?  I could attempt to do these things, but I guarantee you I won't be successful in accomplishing what I set out to do.  Not because I can't, but I know that someone else is better than me and the amount of money that I pay for lawyer's or a REALTOR's services is, in my opinion, worth all their experience, education and training.