Most real estate agents use a multiple list agreement. This means that your agent can advertise and show your home agents from other real estate agencies (not just yours). This way, many potential buyers can learn more about your home. Normally, your real estate agent has the right to collect his commission if a buyer signs an offer to purchase and you accept it. The buyer is someone who is “ready, ready and able to buy your home.” If the transaction subsequently fails, it will not necessarily affect the agent`s right to pay. The terms of the listing agreement will be decisive. The agent will provide you with a copy of the agreement. Keep it for future references. As of May 16, 2016, the B.C.
Real Estate Council (RECBC) is now requiring your licensed broker to include a contract clause that informs you of the terms of the sale of your property. To this end, the State Government has amended the Real Estate Services Regulations. The purpose of this measure was to prevent a buyer from receiving an accepted offer to purchase a property and transferring his interest (i.e. the transfer of the contract) to another buyer at a higher price before the deadline. Prime Minister Christy Clark was quoted as saying: “The government will not tolerate unethical behaviour or predation in the real estate market,” said Premier Clark. “These rules will increase transparency and ensure the protection of sellers` interests. Real estate licensees must act in the best interests of the client, not in their own interest. These new rules now require that the seller`s consent be required for any assignment of contract and that the benefit of an assignment be returned to the owner. In principle, the sales contract was once like a “hot potato” during the period when the initial offer was accepted by the real estate seller, until the last owner of the contract sold entered into the sale of the property and paid the last agreed price. Prior to this settlement, the owner of the property was not necessarily entitled to an additional benefit as a result of the fact that the contract was “reissued” several times to successive purchasers at higher prices prior to the conclusion. Intermediate buyers who have reassigned the contract are those who have obtained the net benefit between the initial price offer and the next offer up to the reference date.
Indeed, these acting buyers (if they succeeded) made money by selling the property without ever having to buy it with their own resources. If you are a seller, here is an example of the clause to look for in your list contract:RESTRICTION ON ASSIGNMENT OF CONTRACT: The buyer and seller agree that this contract: (a) cannot be surrendered without the seller`s written consent; and b) the seller is entitled to gains from a transfer of the contract by the buyer or a subsequent assignee. In addition, the Real Estate Services Regulation requires that a form called “notification to the seller regarding the terms of sale” be issued to the seller at the same time that a real estate licensee submits to the seller a proposed sale and sale contract (i.e. an offer) for the seller`s property, if the offer does not contain one or both of the above conditions. In this form, she advises: Before accepting this offer, you should seek independent advice on the absence of one or both conditions. You should also consider whether you would like to make a counter-offer containing the missing terms or other conditions relating to the assignments. Are contracts still legal? Yes, yes.