Updated Service Agreement Forms for REALTORS®
CATEGORY: Standard Forms
When the new Real Estate Services Act Rules came into effect on June 15, 2018, BCREA released new versions of various standard forms available to REALTORS®, including the following service agreements:
- Multiple Listing Contract;
- Exclusive Listing Contract;
- Buyer's Agency Acknowledgment;
- Exclusive Buyer's Agency Contract;
- Authority to Lease;
- Exclusive Authority to Lease; and
- Tenant's Agency Exclusive Contract.
While service agreements entered into before June 15, 2018 using the previous versions of these forms are still valid and continue in force until their terms expire, REALTORS® should be aware that the new versions of these forms are more comprehensive. For example, the new versions include provisions outlining how conflicts of interest may be handled during the term of the agreement and provide for termination of the representation if the REALTOR® and the Brokerage are no longer able to represent the client under Part 5 of the Real Estate Services Act Rules.
REALTORS® who have entered into service agreements prior to June 15, 2018 with terms that are still in effect should consider entering into replacement service agreements with their clients on the new terms set out in the updated versions of the service agreements. The new versions clarify, for consumers and REALTORS® alike, how these issues would be handled under the new rules. This is particularly important for terms that continue for extended periods after June 15, 2018, given that the risk of an issue arising increases with a longer term. Similarly, if a REALTOR® renews a service agreement entered into before June 15, 2018, he or she is encouraged to enter into agreements in the new forms to ensure that such renewals include the new provisions going forward.
To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.
What we do
Popular posts from BCREA
Ideas into Action: BCREA Managing Brokers’ ConferenceAug 14, 2019
Housing Market Update Webcast August 2019Aug 15, 2019
Pitfalls in Transactions Involving Strata Condominiums #516Jul 18, 2019