Agency Disclosure


On January 1, 1995, Agency Disclosure became a feature of the British Columbia Real Estate 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, that issue 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".    

 

A realtor may represent both a seller and a buyer, in a real estate transaction in B.C., under Limited Dual Agency.



In 2005, changes to the Real Estate Act of B.C. were made; the Act is now known as the Real Estate Services Act.