Common real estate practice illegal in many US states now under review in Canada!

September 21, 2017

It was just a matter of time and common sense...

 

On September 6, 2017 the Superintendent of Real Estate in British Columbia notified us (and all licensed real estate professionals in the province) that they are considering prohibiting the practice of dual agency.  While dual agency is already illegal in many US states, British Columbia is the first province in Canada to address this issue to protect tenants and consumers.

 

Simply put, the archaic practice of dual agency is akin to permitting the plaintiff's lawyer to represent the defendant in court.  Similarly, dual agency allows the listing agent who works for the landlord to "represent" the tenant too.   

 

What about companies with hundreds of listings?  How could they possibly represent tenants?


At best, a dual agent is a mediator. 

 

Given that real estate contracts are amongst the largest financial commitments a tenant or consumer may ever make, the retention (or requirement) of a dedicated expert is logical - especially given that most tenants or consumers are not even aware of the myriad of conflicts that large listing agencies or the listing agent has...

 

We suspect it won't be long before dual agency will be illegal on a national basis, but in the meantime, if the real estate agent / broker has any listings or properties that you might consider as part of your search, you may want to consider retaining your own expert.

 

If you need help, call us.   The Orange Group does not list any properties.  We are real estate experts that work 100% on behalf of tenants.

 

 

 

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