Understanding Real Estate Agency Relationships in BC

When selling your home in British Columbia, it's crucial to understand the different types of agency relationships available. This knowledge ensures you make informed decisions and understand the duties owed to you by real estate professionals.

Sole Agency

In a sole agency relationship, your real estate agent represents only you, the seller. They are obligated to act in your best interests, providing loyalty, full disclosure, and confidentiality.

Dual Agency

Dual agency occurs when one agent represents both the buyer and seller in a transaction. Due to potential conflicts of interest, dual agency is restricted in British Columbia and only permitted under specific circumstances with informed consent from both parties.

Designated Agency

Designated agency allows different agents within the same brokerage to represent the buyer and seller separately. Each agent owes their respective client full fiduciary duties, maintaining confidentiality and loyalty.

No Agency

In a no agency relationship, the real estate professional does not represent either party but facilitates the transaction. They do not owe fiduciary duties but must still act honestly and with reasonable care.

Rights and Obligations

Understanding your rights and the obligations of your real estate professional is essential. These include:

  • ✔️ Loyalty: Acting in your best interests.
  • ✔️ Full Disclosure: Providing all relevant information.
  • ✔️ Confidentiality: Keeping your information private.
  • ✔️ Competence: Demonstrating knowledge and skill.
  • ✔️ Accounting: Handling funds responsibly.

Choosing the Right Agency Relationship

Selecting the appropriate agency relationship depends on your specific needs and circumstances. Consider the level of representation you require and discuss options with your real estate professional to make an informed choice.

For more details, visit the official BCFSA Agency Guide.

❓ Frequently Asked Questions About Agency Relationships

Q: What is an agency relationship in real estate?

A: An agency relationship means your real estate licensee represents you and must act in your best interest. This includes duties like loyalty, confidentiality, and full disclosure.

Q: What is the difference between designated agency and brokerage agency?

A: In designated agency, only your assigned agent represents you, and other agents in the brokerage do not access your information. In brokerage agency, the entire office is considered your representative.

Q: Can my agent represent both me and the other party?

A: Dual agency is highly restricted in BC. It's only allowed in rare cases with full consent and requires a special disclosure of risks form.

Q: Do I need to be represented by an agent?

A: No. You can choose to be unrepresented, but the agent can only offer limited factual help—not advice or negotiation.

Q: Does my agent keep my information confidential after the sale?

A: Yes. The duty of confidentiality lasts forever—even after your transaction is complete—unless legally required to disclose.

Q: Where can I learn more about agency relationships?

A: Visit the BCFSA guide on agency relationships for more in-depth information.

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