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Whether or not you’ve purchased or sold a home, you know there is a ton of paperwork involved. We’re going to go over one of the first forms and conversations you’ll have with a real estate professional. This form is called the ” Disclosure of Representation in Trading Services” or DORTS.
Real estate professionals in BC are obligated under the British Columbia Financial Services Authority or BCFSA to provide you, the client, with four fiduciary duties over the course of a working relationship. “Fiduciary” stems from the Latin word “Fiducia” which means “trust” and the lawful definition of “Fiduciary” is : involving trust, especially with regard to the relationship between a trustee and a beneficiary. These responsibilities and duties owed to the beneficiary are..
Duty of Loyalty : We will act only in your best interest
Duty of Full Disclosure : We must tell you everything they know that might influence your decision in a transaction.
Duty to avoid conflicts of interests : We must avoid any situation that would affect our duty to act in your best interests.
Duty of confidentiality : We must not reveal your private information without your permission, even after the working relationship ends. That includes:
- your reasons for buying, selling or leasing
- your minimum/maximum price
- any preferred terms and conditions you may want to include in a contract
In very early conversations with an agent you can count on us sharing these with you so you know what to expect from working alongside a real estate professional as their client. Have a sneak peak at this disclosure form below.
BCFSA – Disclosure of Representation in Trading Services (Rev. 01_2023)
To arrange a conversation with Shelby visit https://calendly.com/shelby-huizinga today!!
